Agenda item

Housing Infrastructure Fund - Funding Allocation of £95Million to Woking Town Centre EXE19-060

Reporting Person – Douglas Spinks

Minutes:

Following the successful Housing Infrastructure Fund bid made by Surrey County Council in conjunction with Woking Borough Council, the Executive received a report which recommended to Council that the £95m grant awarded to the Borough Council by Homes England be accepted.  Discussion ensued on the consultation responses and it was noted that the responses had been taken into account and detailed design was underway.  Following concern raised regarding potential congestion points, the Executive was advised that extensive modelling had been undertaken.

The Executive welcomed the Government’s commitment, through Homes England, to invest in Woking Town Centre and deliver major infrastructure.  It was noted that the grant would fund the replacement of Victoria Arch and critical highway improvements which would support Woking to meet its housing needs, support growth and sustain economic and community vitality.

recommended to Council

That  (i)    the £95m grant awarded to the Council by Homes England be accepted, and that delegated authority be given to the Chief Executive to agree the terms of the contract in consultation with the Leader and Portfolio Holder, and to undertake necessary prerequisite work to develop the project;

          (ii)   the Council accepts that it will be responsible for any project cost overruns;

          (iii)  any underspend of the grant award, and/or any surplus funds from the sale of the Triangle site, will be made available to fund project cost overruns, with any balance to be reinvested into local infrastructure that supports housing delivery;

          (iv)  the Council authorises advance funding of £10m, in the form of a 15 year annuity loan from the PWLB for the scheme, to be recovered from a proportion of Community Infrastructure Levy and from site specific S.106 tariffs, over the next 15 years;

          (v)   the Council commits to use reasonable endeavours, including use of Compulsory Purchase Order powers, to acquire the Triangle site, land required for the replacement of Victoria Arch, land required for widening of the A320, and land required for development sites as outlined in the bid, if not brought forward by current owners;

          (vi)  the Council commits to the delivery of homes, as outlined in the bid, on the sites owned by it or its subsidiary Thameswey;

          (vii) the Council approves the Recovery Strategy set out at Appendix 7 to the report; and

       (viii)  the Deputy Chief Executive be authorised to undertake a review of Community Infrastructure Levy and to establish a Section 106 Tariff for town centre infrastructure associated with the HIF project.

Reason:   To accept funding that will enable rail infrastructure, highway enhancements, remove congestion, and promote town centre growth and development.

Supporting documents: