Vaughan Road Development Site
To consider the report of the Director of City Development.
Additional documents:
Decision:
Agreed:
RECOMMENDED that Council:-
(1) note the content of the report and the funding arrangements to deliver phase A of the scheme;
(2) agree for up to £5 Million of capital spend to be retained from Right to Buy receipts to deliver the first phase of the scheme, to deliver 35 new homes (and a community room) into the Housing Revenue Account (HRA). This is in addition to the £9.2 Million already borrowed and approved for the scheme;
(3) note that there would be an expected additional budget (borrowing) of £13 Million required to deliver the remaining 56 homes on the site, across two phases, and further reports would be submitted to Members on each of these phases; and
(4) approve that a Development Agreement be entered into with Exeter City Living Limited, to carry out and complete the first phase of Development together with the second and third Phases being conditional upon further Council approval.
Reason for Decision: As set out in the report.
Minutes:
The Executive received the report on the financial position, viability and the capital and grant requirements to deliver the first phase of the Vaughan Road development scheme, following received tenders for the first phase. The report also outlined the procurement arrangements for the next phases and overall cost expectations for the entire scheme.
Members noted that the Brownfield site viability had been a challenge, but would provide 35 new affordable homes for the HRA as part of Phase 1, which would be covered through existing borrowing funds. Phases 2 and 3 would look to provided 91 homes in total.
Members welcomed the report and thanked officer for their hard work and engagement with tenants.
RECOMMENDED that Council:-
(1) note the content of the report and the funding arrangements to deliver phase A of the scheme;
(2) agree for up to £5 Million of capital spend to be retained from Right to Buy receipts to deliver the first phase of the scheme, to deliver 35 new homes (and a community room) into the Housing Revenue Account (HRA). This is in addition to the £9.2 Million already borrowed and approved for the scheme;
(3) note that there would be an expected additional budget (borrowing) of £13 Million required to deliver the remaining 56 homes on the site, across two phases, and further reports would be submitted to Members on each of these phases; and
(4) approve that a Development Agreement be entered into with Exeter City Living Limited, to carry out and complete the first phase of Development together with the second and third Phases being conditional upon further Council approval.