Purpose

This report recommends Cabinet approval for
the acquisition of the 172 unit Burnt Mills scheme

Decision

Decision:
 
For the reasons set
out in the report and its appendices Cabinet RESOLVED to Agree:
 

i) 
For the Council to acquire Burnt Mills, Harlow, Essex, CM20 2HT
(“the Property”).

 

ii) 
To delegate authority to the Corporate Director of Resources in
consultation with the Lead Member for Housing Management and
Modernisation and the Lead Member for Finance and Corporate
Services to negotiate and finalise the terms on the funding
structure and legal documentation for the acquisition
of  the freehold or leasehold interest
in the Property in line with the terms set out at exempt appendices
1, 2 and 3a and 3b and to complete the acquisition subject to
completion of the necessary due diligence; and
 
iii) 
That the Property should be leased to a suitable third party
housing organisation.
 
iv) 
To delegate authority to the Corporate Director of Resources in
consultation with the Lead Members for Housing Management and
Modernisation and Finance & Resources to determine the
arrangements for the Council’s letting of the Property in
line with paragraphs 5.10-5.16 of the report and to enter into the
necessary associated legal and contractual documentation.
 
Alternatives
Considered
 
a) 
The Council could choose not to proceed with the transaction and
maintain the current level of expenditure, with a provisional
overspend in 2023/24 as set out in the July 2023 financial review.
This option has been rejected as it would not reduce the current
level of costs.