Purpose

To approve new schemes and delegate
responsibility for the final approval of schemes once works have
been put out to tender.

Content

The Committee has
considered a proposal for four new housing developments led by
Stockport Homes Group (SHG) through the Housing Revenue Account
(HRA) capital programme at London Road Extra Care, Romiley Liberal Club, Sunfield and Andrew Street
phase 2, and has:-
 
(1) Given approval in
principle to progress the schemes detailed in this report
including: identifying appropriate procurement strategy and routes
to market, and commencing appropriate procurement processes to
select contractor(s) and professional teams, applying for HE,
Brownfield and any relevant grants, any other association grants;
and subject to further and ongoing assessments in relation the
financial viability of each individual scheme.
 
(2) Given approval to
the development costs of the schemes (£57.448m) as detailed
in section 5 of the report plus a provision for a variation in
final costs of up to 10% subject to financial viability conditions
continuing to be met (£5.745m). Overall value £63.193m.
Scheme and viability variations will be reported to Capital
Board.
 
(3) Delegated
authority to the Deputy Chief Executive and Director of Finance in
consultation with Cabinet Members for Finance & Resources and
Housing & Environment to enter into relevant building and
acquisition contracts following completion of appropriate
procurement process(es) should the schemes still be financially
viable.
 
(4) Delegated
authority to the Deputy Chief Executive and Director of Finance in
consultation with Cabinet Members for Finance & Resources and
Housing & Environment to apply for and enter into relevant
grant agreements should the schemes still be financially
viable.
 
(5) Delegated
authority to the Deputy Chief Executive and Director of Finance in
consultation with Cabinet Members for Finance & Resources and
Housing & Environment to approve additional costs under 10% of
the value stated in the table in 5.6 (£57.448m).
 
(6) Delegated
authority to the Deputy Chief Executive and Director of Finance in
consultation with the Cabinet Members for Finance & Resources
and Housing & Environment to adjust the financing of the
schemes with available monies such as but not limited to 1-4-1
receipts and borrowing to aid the financial viability of the
schemes if required.
 
(7) Delegated
authority to the Assistant Director of Governance to take such
steps and complete such agreements and contracts as are necessary
to implement the resolutions recommended in this report and any
decisions properly made under the authority delegated by these
recommended resolutions.

Alternative options considered

To not proceed with
the proposal, however this would then not deliver the 202 new homes
including the identified need for specialist and supported housing
and low cost home ownership projects meet the high need for first
time buyers currently priced out of the market in Stockport.