Decision details

As per the decision made by the Leader on the 30^th May 2019. The Council are entering into and signing the Grant Funding Agreement with Homes England, to secure the funding that will support the delivery of the 200 homes (of which 40% will be affordable) and 150 space car park.

That the Councils Executive Director Finance and Assets (Section 151 Officer), is authorising that the Grant Funding Agreement is completed on the Councils behalf to allow the Council to act as the Accountable Body in this matter. 

In order to draw down the HIF funding, Cheltenham Borough council needs to contract with Homes England and the Grant Funding Agreement needs to be completed. This will establish the Council as the Accountable Body in terms of the HIF grant.

The council has not yet contracted with the developer as to allocating the HIF funding, and ideally this would have been a back to back arrangement. However, due to Government uncertainty about continuing to support HIF funding the Council has limited its liability in relation to obligations to such time funding is drawn down, rather than delay or decline to enter into the agreement. This gives the Council time to put everything into place with the developer to mirror and offset those obligations it has entered into with Homes England.

It is acknowledged that this is the preferred option to secure the HiF funding, even if the offer is not taken up by the developer.

The lead member is kept updated in terms of this agreement.