Issue - meetings

Report of Commercial Director and Head of Regeneration and Housing

Purpose of report

To seek approval in principle for the establishment of a local development company with South Northamptonshire Council to:

§   Act as an investment vehicle for the councils;

§   Provide housing which meets housing need not met by the current market.

Recommendations

The meeting is recommended:

 1.1        To agree in principle to the establishment of a local development company with South Northamptonshire Council;

1.2         To give approval to officers to complete further work to prepare a full business case for the local development company to be considered by SNC Cabinet and by CDC Executive in due course.

Resolved

(1)          That the establishment of a local development company with South Northamptonshire Council be agreed in principle.

(2)          That approval be given to officers to complete further work to prepare a full business case for the local development company to be considered by South Northamptonshire Cabinet and by Cherwell District Council Executive in due course.

The Commercial Director and Head of Regeneration and Housing submitted a report to seek approval in principle for the establishment of a local development company with South Northamptonshire Council to act as an investment vehicle for the councils and to provide housing which meets housing need not met by the current market.

Resolved

(1)          That the establishment of a local development company with South Northamptonshire Council be agreed in principle.

(2)          That approval be given to officers to complete further work to prepare a full business case for the local development company to be considered by South Northamptonshire Cabinet and by Cherwell District Council Executive in due course.

Reasons

This report is requesting Executive members to agree in principle to establishing a local development company with South Northamptonshire Council, such an approval is being sought as the local development company offers a future opportunity to:

§    Generate income for the Council to contribute towards closing the financial gap in the Council’s medium term financial plan;

§    Provide housing which meets housing need not currently met by the current market.

Alternative options

Option 1: Not to support the establishment of a local development company but this would reduce the opportunities available to the Council to generate income and to address gaps in the current local housing market.