Purpose

This report recommends the purchase and
development for affordable housing of part of the Sackville Trading
Estate by the Homes for Brighton & Hove joint venture.

Content

1)            
Cabinet agrees the budget of up to £30.166m to be included
within the Housing Revenue Account (HRA) Capital Investment
Programme from 2024/25 and to purchase 183 Social Rented Units at
Sackville Trading Estate on the terms as set out in this
report.

 

2)            
Cabinet agrees to the drawdown by Homes for Brighton & Hove under their current facility
agreement with the Council as further set out in Part 2 of this
report.

 

3)            
Cabinet agrees that the surpluses/profit generated from the project
should be earmarked to replenish reserves used within the HRA and
General Fund to support this project through the development
phase.

 

4)            
Cabinet agrees to enter into a Delivery Partner Agreement with Homes
England in respect of the grant contribution allocated to the 183
Social Rented Units to be purchased by the council.

 

5)            
Cabinet delegates authority to the Corporate
Director City Services in consultation with the Cabinet Member for
Finance & City Regeneration, to take the steps necessary to
agree and complete:

 
(a)      An Agreement for Lease
(including Golden Brick requirements) in respect of the 183 Social
Rented Units at Sackville Trading Estate

(b)      A Lease in respect of the
183 Social Rented Units

(c)      The Homes England Delivery
Partner Agreement
(d)      The advance of the working
capital funding pursuant to the 2017 loan agreement with
HBH
 

Any other relevant
ancillary legal and financial documents necessary to deliver the
project to give effect to recommendations 1, 2 and 4
above.