Decision details
To approve the council entering into a development facility agreement and a funding agreement with Cheltenham Borough Homes for up to £100 million to finance the capital costs of delivery of the new housing by CBH.
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Decision:
In accordance with the recommendations approved by Cabinet and Full Council in September/October 2018 and October 2019, to approve the council entering into a development facility agreement and a funding agreement with Cheltenham Borough Homes (CBH) for up to £100 million to finance the capital costs of delivery of the new housing by CBH.
Reasons for the decision:
As set out in the report to Cabinet and Full Council in September / October 2018, the Council plans to bring about a required step change in the delivery of housing. The financial assistance given to CBH via the development facility agreement and funding agreement will provide a range of benefits to Cheltenham through the delivery of private rented homes to be let on a long-term basis (thereby providing more households with greater security of tenure) as well as the ability for CBH to increase in their provision of affordable homes.
Alternative options considered:
N/A
Reason Key: Requires a budget expenditure or saving of £100,000 or more;
Wards Affected: (All Wards);
Other reasons / organisations consulted
Authority given to conclude the required agreements between the council and CBH. One Legal have been involved in the drafting the terms of the agreements with CBH’s external lawyers.
Consultees
Managing Director Place and Growth and Cabinet Member Housing and One Legal.
Contact: Paul Jones, Deputy Chief Executive (Section 151 Officer) 01242264365 Email: [email protected].
Publication date: 28/11/2019
Date of decision: 28/11/2019
Effective from: 06/12/2019