The Executive Director Development has submitted a report which seeks agreement for the Council to enter into a joint venture Limited Liability Partnership with Thames Water and Magdalen College, as the three land owners of the land allocated for redevelopment off Grenoble Road known as the South Oxford Science Village site, and in doing so, to commit the land for development.

Cabinet is recommended to:

1.       Delegate to the Director for Development, in consultation with the Cabinet Members for Finance and Asset Management and Planning and Housing Delivery, the Head of Law and Governance and the Head of Financial Services, the agreement to create a limited liability partnership with Magdalen College, Oxford, and Thames Water, its incorporation, and the agreement of the detailed drafting of the LLP agreement and any ancillary documents, and entering into it and any ancillary documents on behalf of the Council;

2.       Delegate to the Director for Development, in consultation with the Cabinet Members for Finance and Asset Management and Planning and Housing Delivery, the Head of Law and Governance and the Head of Financial Services, the decision, following the receipt of advice, whether to pursue an option or conditional contract, the final drafting of any such option or contract, the  granting of any such option or contract, or the entering into agreement on any such option or contract which commits the Council’s land, within the SOSV allocation, to be available to be drawn down by the LLP when the land is needed for development. This will include ensuring the requirements of S123 of the Local Government Act 1972 are met and that any disposal is for the best consideration that can reasonably be obtained or otherwise in compliance with the requirements of section 123;

3.       Recommend to Council the establishment of a revenue budget of £556k to enable the work to bring the site forward for development, and for internal and external resources its business. Where appropriate and agreed with the Head of Financial Services the costs will be capitalised and the appropriate budget vired from revenue to capital in line with the capitalisation;

4.       Recommend to Council a loan of up to £500k to be made to the LLP to cover the council’s share of running the LLP (% share based on % land ownership within the allocation) to be repaid with interest on terms agreed with the Head of Financial Services. The appropriate capital and revenue budgets to be established, to be agreed with the Head of Financial Services, based on the LLP Business Plan and Budget.

The Executive Director for Development had submitted a report which sought agreement for the Council to enter into a joint venture Limited Liability Partnership with Thames Water and Magdalen College, as the three land owners of the land allocated for redevelopment off Grenoble Road known as the South Oxford Science Village site, and in doing so, to commit the land for development.

Councillor Alex Hollingsworth, Cabinet Member for Planning and Housing Delivery, presented the report.

The Leader expressed support for the proposal, which is the next step towards enabling the delivery of homes adjacent to the city where they were both needed and wanted.  Through the provision of housing it would help to support those currently in housing need, as well as those who had had to leave the city for economic reasons but wished to return.

Councillor Shaista Aziz, Cabinet Member for Inclusive Communities, also expressed support for the proposal and gave examples of residents within her ward who were currently in housing need and had been on the council house waiting list for a significant period of time.

Cabinet resolved to:

1.       Delegate to the Director for Development, in consultation with the Cabinet Members for Finance and Asset Management and Planning and Housing Delivery, the Head of Law and Governance and the Head of Financial Services, the agreement to create a limited liability partnership with Magdalen College, Oxford, and Thames Water, its incorporation, and the agreement of the detailed drafting of the LLP agreement and any ancillary documents, and entering into it and any ancillary documents on behalf of the Council;

2.       Delegate to the Director for Development, in consultation with the Cabinet Members for Finance and Asset Management and Planning and Housing Delivery, the Head of Law and Governance and the Head of Financial Services, the decision, following the receipt of advice, whether to pursue an option or conditional contract, the final drafting of any such option or contract, the  granting of any such option or contract, or the entering into agreement on any such option or contract which commits the Council’s land, within the SOSV allocation, to be available to be drawn down by the LLP when the land is needed for development. This will include ensuring the requirements of S123 of the Local Government Act 1972 are met and that any disposal is for the best consideration that can reasonably be obtained or otherwise in compliance with the requirements of section 123;

3.       Recommend to Council the establishment of a revenue budget of £556k to enable the work to bring the site forward for development, and for internal and external resources its business. Where appropriate and agreed with the Head of Financial Services the costs will be capitalised and the appropriate budget vired from revenue to capital in line with the capitalisation;

4.       Recommend to Council a loan of up to £500k to be made to the LLP to cover the council’s share of running the LLP (% share based on % land ownership within the allocation) to be repaid with interest on terms agreed with the Head of Financial Services. The appropriate capital and revenue budgets to be established, to be agreed with the Head of Financial Services, based on the LLP Business Plan and Budget.