Decision details

Resolved

(1)          That the business case for the acquisition of Graven Hill (subject to due diligence being completed) in order to enable the development of the UKs first large scale self build housing scheme (exempt annex to the minutes as set out in the Minute Book) be approved.

(2)          That the synergies between the Eco Bicester One Shared Vision and the vision for a Graven Hill community that includes a low carbon energy strategy, improved health and wellbeing outcomes, and community led leisure outcomes that include public access to properly managed 38.5 hectare community woodland be noted.

(3)          That the potential of delivering the Graven Hill vision to create 2000 new jobs including apprenticeships be noted.

(4)          That the acquisition of Graven Hill (annex to the minutes as set out in the Minute Book) at the agreed purchase price detailed in the exempt annex to the minutes (as set out in the Minute Book) be approved and that the scheme be added to the Council`s capital programme.

(5)          That the use of internal capital resources to meet the payments due at exchange and completion of contract be approved.

(6)          That the use of borrowing to fund the phased payments for Phase 1 and Phase 2 of the site acquisition as detailed in the exempt annex to the minutes (as set out in the Minute Book) be approved.

(7)          That the setup of a “Graven Hill Equalisation reserve” to minimise the borrowing impact on the Council`s net revenue budget as stated in exempt annex to the minutes (as set out in the Minute Book) be endorsed.

(8)          That officers be requested to submit a further report to the June 2014 meeting of the Executive, setting out the business case for the governance model for the delivery of the site and proposed legal structure to facilitate  the Council`s role as “strategic developer”

(9)          That the appointment of EC Harris as lead consultant (supported by sub consultants) to continue to provide technical support with the pre-development work necessary to support the acquisition which is wholly funded through the CLG capacity grant be approved.

(10)       That officers be requested to arrange a site visit for Executive members and Group Leaders to the Graven Hill site.