Purpose

Housing 21 Grant Application to recieve £980,000 Grant (excluding WMCA costs)

Decision

(1)   An investment of £1,100,000 from the Brownfield Infrastructure Land Fund for the development of 70 new apartments at the former Britannia Works, Atherstone, Warwickshire, including WMCA capital costs of £120,000 to cover internal and external legal, valuation and due diligence advice, be approved.

(2)   A grant funding agreement be entered into with Housing 21, a registered provider, to provide for £980,000 grant funding to enable the delivery of residential development comprising 70 new apartments at Briannia Works, Atherstone, Warwickshire, subject to:

(a)   the scheme comprising a minimum of 70 Extra Care scheme with a mixture of one and two bedroom social rent apartments.

(b)   the £980,0000 grant only becoming payable upon the 70 apartments being completed, and then being held by the registered provider Housing 21.

(3)   Delegation to the Director of Investment and Commercial to approve the level of Benefits Cost Ratio in accordance with the requirements of Brownfield Infrastructure Land Fund, to negotiate and agree terms of the funding agreement with Housing 21, and to agree the terms of any ancillary instruments that may be required was noted.

(4)   The charging £120,000 project costs to the Brownfield Infrastructure Land Fund in respect of (i) the assessment consideration and approval of the application for grant funding from Housing 21, (ii) the negotiation and funding agreement of the £980,000 grant, and (iii) the contract management of the grant funding agreement be approved.