Purpose

To consider a matter pertaining to the Joint
Venture development at Market Street, Bracknell. 
 
An urgent decision was required to avoid
additional costs.

Decision

1         
That the change in quantum and mix of affordable units on the site
from c56% as set out in the Settled Site Development Plan to c48%
be approved, noting that this still significantly exceed the
required 25% of affordable housing;
 
2         
That the Executive Director: Resources be authorised to release
funding for the scheme in line with the proposed revised phased
cashflow approach, noting that this does not financially
disadvantage the Council.

Reasons for the decision

The overarching objectives
and financial parameters of the scheme remain in line with the
Settled Site Development Plan approved by the Executive at its
meeting in November 2022.  However,
there are some changes which would ordinarily be taken back to the
Executive for consideration, as they are outside of the terms
specifically set out in the Settled Site Development
Plan. 
 
The changes to the Settled
Site Development Plan respond to the overall viability concerns for
the site and provide the best solution to ensure that the
development can proceed at pace and avoid additional costs, despite
offering financial returns significantly below normal
expectations.

Alternative options considered

The Council could withdraw its support for the
scheme at this stage.  This is not
recommended, given that it will fulfil a number of the
Council’s strategic objectives and therefore offers
significant non-financial value.