Agenda item

Sheerwater Regeneration - WBC20-001

Minutes:

The Council had before it a report on the Sheerwater Regeneration scheme.  The report sought the Council’s approval of four matters concerning the scheme, namely:

o    the funding of the scheme;

o    the giving of an undertaking in respect of the affordable housing forming part of the scheme;

o    an update on progress towards making the proposed Compulsory Purchase Order and confirmation of the Council’s commitment to make the Order; and

o    the authorisation of the Housing Director, in consultation with the Housing Portfolio Holder and Head of Democratic and Legal Services, to seek possession of Housing Revenue Account (HRA) properties when required for the scheme.

A supplementary report on the Executive Undertakings relating to the development had been circulated following the publication of the agenda.  The supplementary report set out amended recommendations to include the Executive Undertakings.

Following the introduction of the report by the Leader of the Council, Councillor Barker moved and Councillor Aziz seconded an amendment to the recommendations, namely to include an additional recommendation (ii) as follows:

“a.     financial performance to be reviewed by the Sheerwater Regeneration Oversight Panel at each phase;

b.       a mid-project assessment to be carried out.  This will look at market conditions and performance to-date on the project to inform the final stages, be reported to the Sheerwater Regeneration Oversight Panel and agreed by Council; and

c.       no reduction in the proportion of social affordable homes without Council agreement.”

The amendment was agreed nem con following which the Council was invited to agree the recommendations set out in the supplementary report.  The remaining recommendations were agreed nem con.

          RESOLVED

That (i)    the Loan Finance for the delivery of the Sheerwater Regeneration scheme, as summarised below, be approved;

 

Facility

£m

Term

Type

Rate

Arrangement fee

Thameswey Developments Ltd (during construction)

115

Up to 5 years

Maturity

relevant PWLB rate

No

Thameswey Housing Ltd (until construction complete)

290

Up to 5 years

Maturity

relevant PWLB rate

No

Thameswey Housing Ltd Operational

290

50 years

Annuity

relevant PWLB rate

No

Thameswey Housing Ltd Revolving Loan facility

116

Up to 30 years

Maturity

relevant PWLB rate

No

Thameswey Energy Ltd

5.25

20 years

Annuity

relevant PWLB rate

No

 

(ii)     (a)   financial performance to be reviewed by the Sheerwater Regeneration Oversight Panel at each phase;

         (b)   a mid-project assessment to be carried out.  This will look at market conditions and performance to-date on the project to inform the final stages, be reported to the Sheerwater Regeneration Oversight Panel and agreed by Council; and

         (c)   no reduction in the proportion of social affordable homes without Council agreement.”

          (iii) following consideration of the matters contained in this report relating to the proposed compulsory purchase order:-

(a)     Council re-affirms its commitment to using its compulsory purchase powers as set out in Section 226(1)(a) of the Town and Country Planning Act 1990 to compulsorily purchase the Order Land, and

(b)     authority is delegated to the Head of Democratic and Legal Services to settle the final form and content of the Order and all associated documentation so that a final decision on the making of the Order can be made at the Council meeting on 2 April 2020.

          (iv) authority is delegated to the Director of Housing, in consultation with the Portfolio Holder for Housing and the Head of Democratic and Legal Services to seek, at the appropriate time, possession (under the Housing Act 1985) of Housing Revenue Account (HRA) properties within the Sheerwater Regeneration Area;

          (v)   Council shall procure that the affordable housing Executive Undertakings in respect of the Sheerwater Regeneration Scheme, as set out in paragraph 1.4 of the supplementary report to Council dated 13 February 2020, are complied with, and

          (vi)  authority is delegated to the Chief Executive to give an Executive Undertaking if the Planning Committee requires changes to the Executive Undertakings set out in paragraph 1.4 of the supplementary report to Council dated 13 February 2020.

Supporting documents: