Decision details

The Cabinet will be asked to approve proposals for the redevelopment of land at the former Woodward Library and surrounding area to deliver circa 56 affordable homes and new community space.

Cabinet resolved to:

(i)  Approve that, subject to the grant of an acceptable planning permission and receipt of satisfactory construction tender prices, the project be financed and held within the residential asset class of the Council’s Investment and Acquisition Strategy;

(ii)   Approve that, subject to planning, the site be redeveloped to provide:

(a)   100% Affordable Housing of which:

- 70% Affordable Rent (AR) up to 80% of Market Rent (39 units)

- 30% London Affordable Rent (17 units); and

  (b)   c.651 sq.m. of community space;

(iii)   Agree the estimated Total Scheme Development costs of £20,821,302;

(iv)   Agree to allocate up to £3,998,754 (inclusive of the £842,284 acquisition cost already incurred) from the Investment and Acquisition Budget to fund the pre-development costs;

(v)   Agree that the land assembly costs of £842,284 be repaid to the Land Acquisition budget at award of construction contract and the transfer of the required legal interest to the Reside entity;

(vi)   Agree to the principle of borrowing up to £15,533,302 within the General Fund from the Public Works Loan Board to finance the development and ownership of the affordable rent homes via a loan agreement made between the Council and the affordable rent Special Purpose Vehicle;

(vii)   Delegate authority to the Director of Inclusive Growth, in consultation with the Director of Law and Governance, the Chief Operating Officer and the Cabinet Members for Finance, Performance and Core Services and Social Housing and Regeneration, to negotiate terms and agree the contract documents to fully implement and effect the project;

(viii)   Authorise the Director of Law and Governance, or an authorised delegate on her behalf, to execute all the legal agreements, contracts and other documents on behalf of the Council; and

(ix)   Approve in principle the appropriation of the land, as shown edged red in the plan at Appendix 2 to the report, under Section 122 of the Local Government Act 1972 from the Housing Revenue Account to the General Fund.