Issue - meetings

Recommended: That Council approve a budget of up to £3,600,887 to build up to 24 new homes on this site with 30% of this is to be funded from Right to Buy receipts with the remaining funds to come from the Housing Revenue Account Investment Fund and Section 106 commuted sums where available.

Reason:     To allow the construction of new homes within an agreed budget whilst minimising the budget draw from the investment fund.

Members considered a report which sought approval to include new council housing as part of the ongoing project to demolish and replace Ordnance Lane homeless hostel. The feasibility analysis of the site had shown that, in addition to the new homeless scheme, the site could also accommodate a development of up to 24 new flats. It was noted that if the same contractor was appointed for both developments under a single contract this would provide significant development and cost saving benefits.

It was also noted that, at the present time, funding approval was only in place to develop the homeless accommodation and that a budget of around £3.6m would be required in order to deliver up to 24 homes on the Ordnance Lane site. Details of the proposed funding for the schemes had been reported at Table One of the report.

Recommended: That Council approve a budget of up to £3,600,887 to build up to 24 new homes on this site with 30% of this is to be funded from Right to Buy receipts with the remaining funds to come from the Housing Revenue Account Investment Fund and Section 106 commuted sums where available. ^1.

Reason:     To allow the construction of new homes within an agreed budget whilst minimising the budget draw from the investment fund.