Content

Salford City Council - Record of
Decision
 
I
Councillor Jack Youd, Deputy City Mayor, in exercise of
the powers contained within the City Council Constitution do hereby:
 

1.   
Approve the provisionally agreed Heads of Terms for the
Conditional Development Funding Agreement between the City Council
and ECF for the delivery of a 90 units affordable housing scheme at
Regents Industrial Estate.
 

2.   
Approve the provisionally agreed Heads of Terms for
the Conditional Sale Agreement between the City Council and
Dérive Group / Dérive RP for the onward sale of the
completed scheme.
 

3.   
Approve the provisional lending to Dérive Group/Dérive RP to fund the acquisition of the
completed scheme.
 

4.   
Approve the City Council entering into the Grant Funding Agreement
with GMCA
 

5.   
Approves the utilisation of Central Salford DTA gap
funding.
 

6.   
Delegate authority to the Executive Director Place in consultation
with the S151 officer to: negotiate, agree, and finalise the
detailed terms of the transaction, including, if necessary, the
procurement of ECF through a procurement compliant
framework. 
 

7.   
Authorise the Shared Legal Service to prepare all necessary
documentation and to take all steps which are required to give
effect to the above recommendations.
 
The
Reasons are: Regents Industrial
Estate was acquired by the City Council in 2008  (using NWDA funding) to support comprehensive
redevelopment as part of the Central Salford Regeneration
Area.  It is captured by the Overarching
Development Agreement between the City Council and English Cities
Fund (ECF).
 
The
parties have been exploring the potential residential development
of the site and have developed an outline scheme comprising 90
units to a “Passivhaus certified” low carbon
specification and secured a provisional funding allocation from the
GMCA administered Brownfield Housing Fund.
 
The
report seeks Deputy City Mayor approval to the provisionally agreed
terms for the transaction and all associated matters.
 
 
 
Options considered and rejected were: none
 
 
Assessment of Risk:
Medium
 
 
The
source of funding is:
Central Salford DTA gap funding
 
 
Legal
Advice obtained: Supplied
by: Kate Bouchier and Lauren Armstrong, Shared Legal
Service
 
 
Financial Advice obtained: Alison Woods, Commercial Finance
Manager
 
 
Procurement Advice obtained: n/a
 
 
HR
Advice obtained: n/a
 
 
Climate
Change Advice obtained:
Mike
Hemingway, Principal Officer – Climate Change
 
All
homes are being built to “Passivhaus certified”
low carbon specification, ensuring they are cheaper for
residents to heat and result in significantly lower than average
emissions. Such developments are in line with our 2038 target for
Carbon Neutrality and demonstrate leadership in low carbon  by
Derive.
 
 
The
following documents have been used to assist the decision
process:
 
Public
briefing report submitted to Property/Re3generation Briefing on
8th July 2024
 

Contact Officer:  Andy
Cartwright                        
Head
of Service Strategy Delivery
 
 

-      
This decision is not subject to consideration by
another Lead Member.

-      
The appropriate scrutiny to call-in the decision is
the Growth and Prosperity Scrutiny Panel                       

 

 

Signed:
Councillor Jack
Youd
Deputy City Mayor and Lead Member for Finance, Support Services and
Regeneration
Dated:
8th July 2024
                       
 
 

 

This decision was
published on  Monday 8th July 2024                                           

This decision will
come in force at 4.00 p.m. on Monday 15th July
2024      
                              
unless it is called-in in
accordance with the Decision Making Process Rules.