The Council is to enter into the Deed of Termination with Homes England in to end the funding agreement dated 7 November 2019 for Housing Infrastructure Funding (HIF) Marginal Viability Funding in connection with Northern Gateway.

Agreement to terminate the Housing Infrastructure Funding Agreement with Homes England for Oxford North (Northern Gateway)

This decision formally brings to an end the funding agreement with Homes England to provide funding for infrastructure at Oxford North. It is not possible to spend the funding (£10m) in accordance with the terms of the funding agreement. However the development at Oxford North is progressing without the benefit of the funding and delivering both homes and business space in accordance with the planning permission for the site.

There are no alternative options to enable to use the HIF funding and therefore the Council should work with Homes England to bring the funding agreement to an end.