Purpose

Viability gap funding for 63 affordable units in Sandwell

Decision

(1)   West Midlands Combined Authority to make an investment of up to £1,904,297 (plus WMCA costs of £100,000) for the ground remediation, infrastructure and enabling works of the Site at Woods Lane, Cradley Heath in Sandwell to unlock the wider scheme of a minimum of 63 mixed tenure dwellings with 100% of these units constituting affordable housing was approved.

(2)   West Midlands Combined Authority be authorised to enter into a grant funding agreement with Liberty Developments Limited for up to £1,904,297 for the part funding of the site preparation works at a site at Woods Lane, Sandwell in respect of a residential development scheme of a minimum of 63 dwellings with all constituting affordable housing was approved.

(3)   The Director of Commercial and Investment to negotiate, agree and finalise the terms of the grant agreement and any ancillary documents was noted.