Content

Decision
 
RESOLVED that
Cabinet:
 
1.1 Approved the sale of the
land identified in Appendix A for residential development
(indicatively 100 homes of which 50% will be affordable), subject
to the purchaser securing an appropriate planning consent and the
terms outlined in Part 2 of this report later on the
agenda.
1.2 Authorised the Head of
Asset Management & Engineering Services and Chief Finance
Officer in consultation with the Portfolio Holder for Asset
Management and the Portfolio Holder for Finance & Budget to
agree detailed sale terms.
1.3 Authorised the
Council’s Legal Services to prepare and complete all
necessary documentation to give effect to the sale including
settling the detailed terms of the overage agreement and associated
legal documents.

 
Reasons for
decision
 
The disposal of the site for residential
development is recommended because:
 
It is surplus to operational requirements and
does not form part of the Council’s future service delivery
needs.
 
Delivers Capital Funding – Generates a
substantial capital receipt which can be applied to reduce the
impact of the Council’s Capital Financing Requirement (CFR)
or Borrowing Need charged to the revenue account.
 
Supports Housing Delivery – Enables the
delivery of new homes in accordance with the Council’s Local
Plan objectives and Government housing targets.
 
Provides Affordable Housing – Facilitates
the inclusion of affordable housing units to meet identified local
need.
 
Optimises Land Use – Brings an
underutilised or surplus Council asset into productive use,
reducing ongoing maintenance and security costs.
 
Stimulates the Local Economy – Creates
construction jobs and supports local supply chains during
development, with longer-term economic benefits from increased
population.
 
Increases Future Revenue Streams –
Expands the Council’s tax base, generating additional Council
Tax income and potential New Homes Bonus (subject to Government
policy).
 
Aligns with Strategic Priorities –
Contributes to the delivery of the Council’s Corporate Plan
objectives and Medium-Term Financial Strategy.
 
The proposed residential use aligns with the
Local Plan’s housing growth objectives and
contributes
 
 
Alternative Options
Considered
 
Retain the site: This would not generate a
capital receipt and would require ongoing maintenance
costs.
 
Develop the site directly: This would require
significant upfront capital investment and involve higher financial
risk. Further, there would be internal resource issues with regards
both capacity, and skillset.
 
Dispose without planning condition: This would
reduce control over the future use and will reduce the sale
price.