Decision

That Cabinet:

a)       note a requirement for the Council to increase its overall contribution to the scheme when complete from the HRA of £0.179m, subject to land receipts, as captured in an amended Development Agreement, and the funding package comprising  XXX affordable housing receipts and XXX insurance settlement at paragraph 2.2 of the report;

b)       delegate authority to the Director - Housing, in consultation with the Director – Finance, Revenues & Benefits/s151 Officer, to enter into a revised Development Agreement to secure the uplift in Residual Land Value (as defined within the Development Agreement) to XXX (from (XXX) upon commitment to the private homes phase (Works Section 2), as detailed at paragraph 2.1 of the report;

c)        note a requirement for the Council to increase the General Fund contribution to the scheme when complete from the General Fund of £0.260m, in addition to the allocation of future £0.185m S106 receipts (to be paid on the commencement of the Yorke Drive development in October 2026) from AG1596, as detailed at paragraphs 2.3 of the report (a gross increase of £0.445m); and

d)       Notwithstanding recommendations a)-c) above, to approve a budget uplift of XXX to allow for a forward funding package to cover ‘up front’ costs to the HRA Capital budget, as detailed in the Exempt Financial Implications. The budget uplift is to be funded by:

i)        XXX S106 Affordable Housing Receipts (AG1106), as detailed at paragraph 2.2;

ii)       XXX Insurance settlement, as detailed at paragraph 2.2;

iii)      XXX Major Repairs Reserve, including corresponding reduction in the HRA Investment Programme for 2027/28 and 2028/29, as detailed at paragraph 2.2.