Decision Maker: Executive, Council

Outcome: Recommendations approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: July 17, 2025

Purpose: To note the current financial forecast for the Weyside Urban Village report. To note the ongoing work on the financial mitigation strategy. To approve the transfer of funds from provisional to approved capital programme To approve officer delegations to enter into future contracts.  

Content: Decision: 1.       Notes the current financial position of WUV at the 2025 Financial Review, outlined in Exempt Appendix 2. 2.       Notes the forecast deficit - outlined in Exempt Appendix 1. 3.       Delegates to the Strategic Director of Economy, Planning and Place, in consultation with the Lead Councillor for Economy and Place and Lead Councillor for Finance, authority to enter into such other contracts and legal agreements connected with Weyside Urban Village as may be necessary[1]  to deliver the programme in compliance with Contract Procedure Rules, the Council’s Constitution and within the approved budget. Reason(s): 1.       To ensure that there is sufficient understanding of the projected financial forecast of the programme and specifically, to highlight the worsened forecast deficit position. 2.       To ensure that statutory service agreements and construction agreements can be entered into for the delivery of services and infrastructure for the development and to ensure that Homes England Housing Infrastructure Fund (HIF) milestones are achieved.  3.       To support the delivery of the Council’s Corporate Strategy (2024-2034) priorities, by unlocking the high-quality development of a strategic site, creating employment opportunities through regeneration and facilitating affordable housing. Other options considered and rejected by the Executive: Option 1. Details of any conflict of interest declared by the Leader or lead councillors and any dispensation granted: None.  [1]....as may be necessary to deliver the programme, in compliance etc.  Would be a slightly better recommendation.