Purpose

The Council is seeking to take
on a long lease on 350 units across 5 sites being developed by
Inspired Solutions. The report will detail the commercial structure
of the arrangement which will help increase affordable homes
available for discharge to the Council to meet increasing demand
for Homelessness. 
 
This Decision will simply be
requesting that the Mayor Delegates to the Corporate Directors to
enter into HoTs and Agreement for Leases. These will commit the
Council to take on the units should Inspired Solutions successfully
complete the developments in line with the HoTs. HoTs will be
presented to decision makers before being entered into. 
 

Content

RESOLVED;
 
2.1 To agree in principle to proceed with the proposal
from Inspired Solutions subject to confirmation of legal, financial
and property due diligence.
 
2.2  To delegate authority
to the Corporate Director of Resources & S151 Officer, in
consultation with the Corporate Director of Housing, the Executive
Mayor, Cabinet Member for Finance and Cabinet Member for Homes, to
negotiate and enter into the following agreements on the 5 sites
indicated within this report (or any sites that are agreed to be
substituted), subject to final financial and legal due
diligence:
 
     
i.        
Heads of Terms, Agreement for Leases and eventual
Leases with Inspired Structured Solutions (Inspired Solutions) or
their Special Purpose Vehicle;
    
ii.        
Heads of Terms, Agreement for Underleases and
eventual Underleases with a company associated with Inspired
Solutions;
   
iii.        
Nomination Agreements for 100% nomination rights for
all residential units for the period of the Underleases;
and
  
iv.        
Any other appropriate agreements with relevant
parties to give effect to the proposals set out in this
report.
 
2.3  To delegate authority to the Corporate Director of
Resources & S151 Officer, in consultation with the Corporate
Director of Housing, the Executive Mayor, Cabinet Member for
Finance and Cabinet Member for Homes, to make any necessary changes
to 5 sites to remove, add or substitute them with alternative
suitable sites, subject to legal, financial and property due
diligence.

 
2.4  To note that the proposals set out in this report
can only be fulfilled once Inspired Solutions or their SPV receive
necessary planning approvals and consents, and the developments
have reached practical completion.
 
2.5  To note risks identified as part of this project
detailed within section 8 of this report.