Decision details

Housing Infrastructure Fund

Decision Maker: Executive

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

To authorise submission of bids for grant funding for projects where the Financial Viability, based on normal commercial terms, is marginal and submitting with Surrey County Council an Expression of Interest for major infrastructure work to facilitate housing growth.

Decisions:

The Executive received a report which sought authority to enable Officers to submit funding bids under the Housing Infrastructure Fund.  Following a question regarding the proposed bid for Marginal Viability Funding for the Victoria Square Project, Officers explained that the proposal yet to come forward to Council comprising 38 additional properties would be for Studio and 1 Bed properties and these would not count as affordable housing.  It was noted that the proposed 38 additional properties would be more attainable for people being able to rent.  It was highlighted that the Victoria Square Oversight Panel would be considering a proposal for an additional parking infrastructure of some 400 car park spaces at its next meeting.

Resolved

That   (i)      the Finance Director be authorised to draft and submit a bid for Marginal Viability Funding under the Housing Infrastructure Fund for phase 1 of the Sheerwater Regeneration Project;

          (ii)     the Finance Director be authorised to draft and submit a bid for Marginal Viability Funding under the Housing Infrastructure Fund for the Victoria Square Project; and

          (iii)    the Chief Executive be authorised to work with Surrey County Council to draft and submit an expression of interest for Forward Funding under the Housing Infrastructure Fund for the highway network upgrade south of the railway.

Reason:      To secure external funding to increase the provision of housing within the Borough.

 

Reason Key: Likely to affect a significant proportion of those living or working in the Borough.;

Wards Affected: (All Wards);

Consultees

Portfolio Holder.

Contact: Leigh Clarke, Director of Finance Email: leigh.clarke@woking.gov.uk.

Report author: Julie Northcote

Publication date: 15/09/2017

Date of decision: 14/09/2017

Decided at meeting: 14/09/2017 - Executive

Accompanying Documents: