Issue - meetings

(Cabinet Member with Special Responsibility Councillor Archer)

Report of the Corporate Director (Regeneration).

(Cabinet Members with Special Responsibility Councillors Archer and Kerr)

The Corporate Director (Regeneration) submitted a report to provide Cabinet with an update regarding the delivery of the Chatsworth Gardens West End Housing Exemplar Project.

The options, options analysis, including risk assessment, were set out in the report as follows:

Taking all the information to hand, and following a further officer meeting with HCA, a request has been received advising that HCA are prepared to consider possible funding options for the “new build” scheme, on the proviso that Member support is sought in principle to the scheme (see email Appendix C).  This, therefore, provides for the following options:-

Option 1

That Members support, in principle, the future delivery of a “new-build” Exemplar scheme at Chatsworth Gardens, in line with the development process that the City Council has been party to, on the proviso that HCA provide sufficient funding to secure the developer, Places for People, signing a Development Agreement which will contribute £1,239,300 to acquisition costs, and that HCA also provide interim support for the £1,379,000 capital receipts monies which will result from the City Council undertaking its best endeavours “to dispose of assets currently held by the City Council, which are “outside” of the Exemplar Scheme”.

Table 1 – Financial Costs

The projected financial cost of this option will remain largely as reported to Cabinet on the 11^th November, with the main differences being:

·         The transfer of £62,200 contingency from the Surveyors / Valuations & Contingency, into Property Holding costs.  This does not alter the total cost of the project, and

·         The funding allocation between Capital and Revenue as shown in Table 2. The shortfall in the Capital funding would be met from a contribution from the revenue allocation, with the overall project cost being contained within the total available funding.

A summary of the indicative costs and funding are set out in the tables below.

Table 2 - Funding

(Cabinet Members with Special Responsibility Councillors Evelyn Archer and David Kerr)

Report of Corporate Director (Regeneration) to follow.

(Cabinet Members with Special Responsibility Councillors Archer and Kerr)

The Corporate Director (Regeneration) submitted a report updating members about the delivery of the Chatsworth Gardens West End Housing Exemplar Project. 

The options, options analysis, including risk assessment, were set out in the report as follows:

Option 1

The City Council has already started a process of acquisition in line with the 2005 funding agreement and the 2005 funds have now been fully drawn down by the City Council.  In accordance with the (Plan A) proposals of the original scheme, the City Council could seek to work with English Partnerships to identify how a partial demolition/refurbishment scheme could progress, and identify future funding needs to deliver such a project.  At this stage, it is impossible to assess whether such a scheme would be financially viable and whether funds could be made available.  Further work will be required to draw up a (Plan A) option and it is recommended that officers are instructed to start early negotiations with funders to seek an “acceptable” funding package for further consideration by Members.