Purpose

To dispose of Vyne Meadow car park as it is surplus to operational requirements to enable the delivery of affordable housing

Decision

Cabinet agree:

1. In principle to support the disposal via a conditional land sale of Vyne Meadow car park to a Preferred Partner Registered Provider (RP) for less than best consideration, upon the basis the disposal is likely to contribute to the improvement of the economic, social and environmental wellbeing of the area and its residents, pursuant to S123 Local Government Act 1972 to enable the delivery of affordable housing on the basis that the car park is surplus to the Council’s operational requirements.
2. A disposal is subject to:

·       A satisfactory scheme;

·       Agreement of Heads of Terms;

·       Agreement of a satisfactory scheme and a s123 valuation report;

·       The grant of Planning Permission for the development of Vyne Meadow car park for Affordable Housing;

·       Proof of funding for delivery;

·       Inclusion of an option for the council to repurchase the Vyne Meadow car park at the disposal price from the successful RP if the Planning Permission is not implemented within or development is not completed within a defined period;

·       Notification of any subsidy under the Subsidy Control Act.

1. That authority be delegated to the Director of Regeneration, in consultation with the Cabinet Member for Resident Services and Housing and Cabinet Member for Finance and Property, to finalise heads of terms for the disposal of the site to a RP and to enter into a contract for sale and conclude the transaction.