Transcript

Transcript

Have we got any declarations of interest? Nope. Okay. So that moves on to item number three. Phosphorus farm land transactions. Alan, would you just be just be able to just give an overview of what the report is that we can then take questions or then comments after? Thank you. Thank you, Lydia. Happy to do that. So you've got before you today a report which went to pre-cabinet screening committee policy and resources screening committee on Wednesday evening last week, which just gives an update on where we've got to in terms of the Phosphorus farm land transactions. Important to note this absolutely is not a planning does not deal with the planning matters. So the council will need to receive and deal with planning application in relation to the development of Phosphorus farm. In due course, that'll be a matter for development control committee and ultimately probably a referral to the secretary of state because the site includes Greenbelt land. So just important to note this does not deal with planning matters. The report does deal with the council's various other functions, principally regeneration and housing and land transactions. So this updates on the proposals to enter into a series of income strip leases for various phases of development at Phosphorus farm. On completion of the construction work, the council will take leasehold interests in the blocks and be responsible for their ongoing maintenance and upkeep. We'll receive the full rent from the developments once they're fully let up and we'll pay away a rent to what is likely to be probably pension pick pension investment corporation who will be the principal funder for the development. So off the back of the council's covenant strength, we will be able to raise or the developer will be able to raise significant capital which will pay for the construction of the site. And then ultimately at the end of the leases, the council will acquire the freehold interests in those and the intention is that they will be sufficient profit rent for at least a very substantial part of that, that the duration of the lease is to cover the outgoing rent. And if there is a shortfall, we need to make sure that we are putting money aside during the early years. I referred in the screening committee to the years of years of plenty and years of famine as an example. So during the early years when there's a good slice of profit rent coming in, we need to make sure we're diligent with that and we put that away to that we have access to it in later years. If it's needed, it may not be depending on which what happens in the market. So the papers update on the due diligence work that the council has been undertaking in relation to these transactions over the last three to three months or so. We haven't got there yet. We haven't completed that due diligence and the due diligence takes the form of market and property due diligence, financial, legal and external audit. So we are almost at the end of the property element of the bill to rent property element of that due diligence and we're just moving into the financial due diligence stage as we speak. So we will continue that pace until we until and until or unless we get complete satisfaction in relation to all that due diligence, there's no obligation to proceed with the development. And but if of course we do get that satisfactory due diligence completed, if only I could say it would be a helpful start. Then we will progress ahead with the with the proposed transactions. The report sets out delegated authorities for myself in consultation with section one five one officer the leader of the council and relevant cabinet member at the time. Worded carefully to make sure we don't end up in any tricky situations with regard to a crossover between planning and regeneration. So we will take the most relevant cabinet member at that time when we're ready to take that delegated authority. And that when nothing will proceed there until all those four key people who will need to exercise that decision are all satisfied with the due diligence and that with the decision to proceed. So hopefully that gives a high level overview if members would like to see a more detailed presentation about it. I did pop a note round to all Councillors earlier this morning with a link to the scrutiny committee last week where there's a 20 minute or so presentation that sets out the key details of it so that's available if anybody would like to refer back to that in the future. Otherwise, thank you. It's probably enough for today. Thanks Alan. Just be mindful members if you do want to make any contributions. There is a part two element. I'm assuming that we're all going to stay within part one and we don't need to strain to part two, but just to be mindful if we do. Because anyone got any questions or comments. David. Thank you. They're having attended the policy resources committee last week. I thought the presentation was very helpful. And indeed, it was quite a long debate. Is there any update on the affordable housing element, which a lot of members were very focused on last week. No update has saved with the 13 to 15% in the report, but following that meeting, I can say that there were discussions as you would imagine if we're trying to do the due diligence at pace in and around that affordability. So just want to give everyone rest assured on those who are watching these things haven't stood still since PNR scrutiny. There are just some finer things to work out, but I don't think it will be long before long before we'll be able to confirm what that percentage would be. Does anybody got anything else? No, I think just on this one thing I would say is that we just need to strip it back. And there is already a deal that's been in place looking at the same structure with the council renting, renting homes and effectively becoming a private landlord, whatever, whatever way we look at it, that's essentially what we will be doing. But what it does do this with this particular paper is remove the element for the need to build a stadium and remove a moving the homes over from root or to faucets. That's essentially all what's being done. Nothing has been done additionally over above. And I have to say, and I'm saying this here for officers that are present, I think for Glenn Allen and others who are not. The level of work, the amount of meetings and the speed that this has been done as is testament, because we know the wheels of local government don't always work fast, and I'll be the first one to have said it who's who's worked in it myself. This has been extraordinary to get to a position where we were to August to September to where we are here now. And certainly the work that office have done has been short of professional diligent. And I think it's just, sometimes, you know, we will be criticized off their actions and I've been the first to have done that, but not on this occasion, the work, the professionalism. I think it needs to be stated here on here on record. But if we've got nothing else further to say on that, are we happy to make you want to serve you? It's just to echo, really, what's related to being saying to thank everybody involved in offices, but it's a huge amount of work, the ground that you've covered. And also, that is an important point, is that you're not doing something totally new, you're taking the wrenching arrangement is remaining the same, it's just going to be all on one location. But all credit due to, there's been a lot of pressure, some very tense meetings, I gather, and a lot of twists and turns, and it's considerable achievement. We've got to this point, and let's hope that we can proceed and complete everything that needs to be done. Thank you. Thanks, Megan. Does anybody else got anything before finally sign off on this? David? Well, just really continuing on that, Councillor James and I are pretty well Councillors, so we have to say on behalf of pretty well, and please, we are pleased that the building will not take place on routes all. But I think that the city's point of view, to have an upgraded football club on routes all, and this development has been fostered from, I think it takes a lot of boxes, including the pressure on housing. So, I think for that reason, I also congratulate the officers in hope that this can go to signature and I think can proceed from here, so thank you. So, one of the papers, are we able to agree the recommendations of the report? Okay, thank you. Before we turn the webcast off, normally, we reserve final goodbyes for Council, but unfortunately, one of my colleagues, Councillor Jarvis, can't be here. And I think, again, to testament strength for what Councillor Jarvis has gone through to actually be here today. Derek, I just want to leave the floor to let you have your last word that you destroyed that opportunity at full Council, because Derek, for those who are watching at home, won't be standing again in May, and this will be the final meeting that Derek attends. So, on this one, I'm going to allow Derek the final word for this event here. Oh, thank you very much, Tony. I mean, it's been a rollercoaster for me since mid-December, suddenly finding myself incapacitated and not knowing why. Getting through the Christmas holiday period, spending two weeks, just over two weeks in hospital, and still unsure what the real problem was. And finally, things on picking themselves to the point that just listened two weeks ago, the 16th of April, I had an operation for bowel cancer. And I think looking at me, seeing me, you can see that we got down to what the problem was, and can I thank everybody for all their good wishes and officers. I have been working away behind the scenes with my team early on, not so much laterally, and I did try and play my part in the construction of the budget, which sadly, and I did get to that meeting, as you know, and I looked pretty poorly at that meeting. So, can I thank everybody, and particularly yourself, Tony, for acting almost as a second sign to me in all the contacts that I had with ANA and others into the hospital? Thank you. Stop it, you've got to make me cry in a minute. But no, look, for someone who's given over 20 years of service, I think it was right that Derek had that final say. And also on this, I'm going to leave it there to you to now close the meeting and the end of the meeting for this civic year over to you, Derek. In my 23 years as a counselor, I've seen some wonderful projects. I didn't get a chance to say them at the retirees meeting, about the forum building, the Olympic style, the Olympic standard dive center at the Garham Park, getting the Olympic torch to come here, and a host of other things. It's been a wonderful experience by moving family home from Rayleigh to South End. I happened to land in the home by the House of a former mayor of the town unwittingly amongst lots of residents of the same political persuasion persuaded me to stand probably as a paper candidate in a new ward. And 23 years later, I'm still here, so I've had a wonderful period of time. Sorry Colin, I wasn't able to be around during your start, but I wasn't able to be on the group that helps elect you, so thank you very much. Derek, you've got to just formally close the meeting as your final action before you leave. Are you going to just close the meeting? Is this the end of the business today? It's obviously easier to formally close it. It will insist, I formally close this meeting as my last act as a Councillor, thank you. [BLANK_AUDIO]