Purpose

To note the current
financial forecast for the Weyside
Urban Village report.

To note the ongoing
work on the financial mitigation strategy.

To approve the
transfer of funds from provisional to approved capital programme

To approve officer
delegations to enter into future contracts.

 

Content

Decision:

1.      
Notes the
current financial position of WUV at the 2025 Financial Review,
outlined in Exempt Appendix 2.

2.      
Notes the
forecast deficit - outlined in Exempt Appendix 1.

3.      
Delegates
to the Strategic Director of Economy, Planning and Place, in
consultation with the Lead Councillor for Economy and Place and
Lead Councillor for Finance, authority to enter into such other
contracts and legal agreements connected with Weyside Urban Village
as may be necessary[1] 
to deliver the
programme in compliance with Contract Procedure Rules, the
Council’s Constitution and within the approved
budget.
Reason(s):

1.      
To ensure
that there is sufficient understanding of the projected financial
forecast of the programme and specifically, to highlight the
worsened forecast deficit position.

2.      
To ensure
that statutory service agreements and construction agreements can
be entered into for the delivery of services and infrastructure for
the development and to ensure that Homes England Housing
Infrastructure Fund (HIF) milestones are achieved. 

3.      
To support
the delivery of the Council’s Corporate Strategy (2024-2034)
priorities, by unlocking the high-quality development of a
strategic site, creating employment opportunities through
regeneration and facilitating affordable housing.
Other options considered and rejected by the
Executive:
Option 1.
Details of any conflict of interest declared by the Leader or
lead councillors and any dispensation granted:
None.

 [1]....as may be necessary to
deliver the programme, in compliance etc.  Would be a slightly better
recommendation.