Decision details

To seek a decision to make changes to the Gorse Ride regeneration project delivery model to ensure that the Council accesses the best financial outcomes and addresses possible risks to site assembly

That Council be recommended to:

1)               approve that the development of homes within the Gorse Ride regeneration will be transferred to the Housing Revenue Account. (With market sale element in the general fund) 

2)               approve the expenditure budget up to the total cost of the scheme of

£105,601,534 funded through a combination of HRA borrowing, capital receipts, developer contributions and right to buy receipts. (Further information provided in the report); 

3)               give delegated authority to the Director of Resources and Assets, in consultation with the Executive Member for Housing and Finance, to approve the use of additional Affordable Housing s106 commuted sums as a contingency against cost and funding variations such as any future design changes and/or fluctuations in costs and values of up to 15% of the cost of the scheme in the event of any other financial impacts; 

4)               agree that any appropriation of land between the HRA and general fund required to deliver the scheme will be delegated to the Director of Resources and Assets, in consultation with the Executive Member for Housing and Finance.