Content

1.1        
That
approval is given to authorise the Director of Regeneration and
Growth to seek investment opportunities to deliver affordable
housing provision working in partnership with Black Country Housing
Group and Octopus Real Estate.

 
1.2        
That the
Director of Regeneration and Growth is authorised to progress a
scheme at the former Rolfe St Baths site in partnership with Black
Country Housing Group comprising sufficient information to enable
the submission of an Initial Business Case for consideration by
Octopus Real Estate.
 
1.3        
That, in the
event that the Initial Business Case is approved by Octopus Real
Estate, the Director of Regeneration and Growth, in consultation
with the Cabinet Member for Growth and WMCA and the Director of Law
and Governance and Monitoring Officer, is authorised to enter into
a formal agreement with Black Country Housing Group to enable them
to progress the delivery of the scheme, specifically including the
following areas of responsibility:

 

Black Country Housing Group

 
·     
Obtaining all necessary consents (including
planning, network rail consents and other permits/licences deemed
necessary) to enable the scheme to proceed;
·     
Procurement of contractors;
·     
The Construction Contract and its
implementation
·     
Financial control of the project overall
·     
The Development Agreement with Octopus Real
Estate
·     
Reimbursement of SMBC costs incurred at the Initial
Feasibility stage
·     
The Management Agreement with Octopus Real
Estate
·     
Providing SMBC with appropriate nomination rights
for future occupants
·     
Underwriting of any cost overrun after contingency
allowances on a 50/50 basis, subject to a maximum sum.

 

SMBC
·     
Progress the disposal of the Rolfe St Baths site to
Octopus Real Estate, subject to further Cabinet
approval.
·     
Underwriting of any cost overrun after contingency
allowances on a 50/50 basis subject to a maximum sum.
·     
Obtain 100% nomination rights

 
1.4        
That the
Director of Regeneration and Growth is authorised  to progress detailed negotiations on the disposal
of the former Rolfe St Baths site, and to present a further report
on those negotiations to Cabinet prior to disposal.

 
1.5        
That a sum
of £800,000 is allocated from the s106 contributions for
Affordable Housing to under-write any potential construction cost
overruns, subject to confirmation that a matching amount is
provided from Black Country Housing Group.
 
1.6        
That the
Director of Regeneration and Growth is authorised to allocate
resources from the Regeneration and Growth budget to support the
progression of 1.1 – 1.5 above.