Issue - meetings

To set out details of the potential for the authority to acquire three s106 homes for Affordable Rent tenure, on a development site in the district (report of the Portfolio Holder – Assets and Planning enclosed).

Consideration was given to the report of the Portfolio Holder for Assets and Planning, which set out details of the potential for the authority to acquire three S106 homes for Affordable Rent tenure, on a development site in the district.

DECISION:

1)    That the business case and the acquisition of three homes for the HRA be approved; and

2)    That the Deputy Chief Executive (Corporate Development) and S151 Officer be delegated to agree the contractual matters (including any variation to the terms and conditions which may represent a minor departure from the scheme approved in the business case) including signing the contract/transfer document, the apportionment/use of RTB receipts to be utilised and other incidental actions that may be required and approving the associated due diligence and valuation required to purchase the properties.

(Other options considered:

·         Do nothing – Under this option, the authority would not proceed to purchase the properties.  As a consequence, the expected benefits detailed within the report would not be realised.  Officers would seek to identify alternative appropriate schemes for consideration by the Executive.

Reasons for decision:

·         The following benefits would be realised:  a return on investment; the delivery of three additional dwellings into the HRA; meeting housing need; the replacement of homes sold through Right to Buy; the new homes could be part-funded from the time limited RTB receipts; and market confidence).