Purpose

Acquiring new homes in Kings Road
Park

Decision

1.        
Notes that Appendices 1 and 2 are not for
publication on the basis that they contain information relating to
the financial or business affairs of any particular person
(including the authority holding that information) as set out in
paragraph 3 of Schedule 12A of the Local Government Act 1972 (as
amended)

 

2.        
Approves the council’s acquisition
of 37 homes and 4 disabled parking spaces in Quayside Lodge
development funded by the HRA at the price set out in Appendix 2
(exempt) in line with the Heads of Terms set out in Appendix 1
(exempt).
 

3.        
Approves a capital budget envelope for
this proposed acquisition, as set out in Appendix 2.
 

4.        
Authorise the Strategic Director for the Economy,
advised by and in consultation with the Director of Finance and
Assistant Director of Legal Services, to:

 

a.        
finalise an Agreement for Lease and other
contractual terms (including minor amendments to the Head of Terms)
and enter into binding contracts for the purchase of the 37
affordable homes;

b.        
enter into all necessary legal agreements
including Agreement for Lease and arrangements around share of
freehold;

c.        
Note the outcome of the due diligence process and
proceed with the acquisition if it is materially beneficial to the
council; and

d.        
Negotiate any modifications, alterations, or
additions to the existing Planning permission and planning
agreement which might be necessary or desirable, including
conversion of affordable homes to more genuinely affordable
tenures.