The Head of Housing and the Major Projects Service Manager submitted a report (previously circulated, now appended).

Resolved, having regard to the not for publication appendix to the report, to:-

(1)               Note the contents of the Report and progress in discussions with Barton Oxford LLP;

(2)               Grant delegated authority to the Executive Director, City Regeneration and Housing in consultation with the Head of Finance to authorise the Council’s entry into required legal documentation with Barton Oxford LLP to give effect to this matter, the terms to be consistent with the contents of the Not For Publication Appendix in relation to:-

(a)               Approval to enter into an Agreement to purchase the affordable housing (354 units approximately) noting the intention that the Agreement be novated to the successful / nominated house builders for each phase of development;

(b)               The entering into a Management of Homes Agreement;

(c)               The entering into an Allocations and Lettings Agreement;

(3)               Note that in order to maintain flexibility going forward the Council may, at its discretion at a point in the future, procure a partner (such as a Registered provider) for up to 25% of the total affordable units;

(4)               Note that Officers will present update and monitoring reports on a regular basis to both the Corporate Asset and Capital Board and the City Executive Board as the project progresses.

The Head of Corporate Assets submitted a report (previously circulated, now appended) advising the Board of the outcome of the detailed tendering exercise undertaken for the procurement of a co-investment partner, as well as seeking approval and confirmation of the preferred bidder with a view to the Council entering into a Joint Venture vehicle, as detailed in the report, with that preferred bidder.

Resolved to:-

(1)   Note the contents of the report, particularly the structure, detail and process of evaluation that had been undertaken;

(2)   Note the outcome and conclusions of the value-for-money comparator work undertaken;

(3)   Approve the selection of Grosvenor Developments Ltd (‘Grosvenor’) as the preferred private sector co-investment partner;

(4)   Grant delegated authority to the Executive Director, Regeneration and Housing to authorise the Council’s entry into a limited liability joint venture partnership (“LLP”) with Grosvenor, the principles of the LLP to be consistent with the provisions of the Heads of Terms attached to the report in the Not for Publication appendix;

(5)   Agree that upon establishment of the Joint Venture to authorise the transfer of the Council’s freehold interest in the site to the LLP on the terms as set out in the report, and the Not for Publication Appendix, and otherwise on detailed terms and conditions to be approved by the Head of Corporate Assets;

(6)   Confirm the appointment of the Chief Executive, the Executive Director Regeneration and Housing and the Corporate Director Finance and Efficiency as the Council’s three representatives on the Board of the Joint Venture;

(7)   Confirm the appointment of an appropriate number of officers of the Council to serve as members of the Executive Project Group of the LLP, to be appointed by the Executive Director Regeneration and Housing;

(8)   Agree the placing of any voluntary notice in regard to the procurement exercise as is considered appropriate to give adequate notice of the Council’s selection of its co-investment partner; and

(9)   Agree that St Modwen will be held as the preferred under-bidder, subject to a further report back to the Board before any action is taken in this respect.