Issue - meetings
New Homes Bonus - Allocation for years 1 and 2
Meeting: 04/02/2013 - Executive (Item 92)
Report of Head of Strategic Planning and the Economy
Summary
To consider the proposed use of the New Homes Bonus in the Cherwell District.
Recommendations
The Executive is recommended:
(1) To approve the proposed use of the New Homes Bonus for the first two year awards as set out in the report.
Additional documents:
- New Homes Bonus - Revised Report to incorporate amendments tabled at Executive meeting, item 92
PDF 78 KB
- Webcast for New Homes Bonus
Decision:
Resolved
(1) That the proposed use of the New Homes Bonus for the first two year awards be approved as set out in the report as amended (annex to the minutes as set out in the minute book).
Minutes:
The Head of Strategic Planning and the Economy submitted a report which sought consideration of the proposed use of the New Homes Bonus in the Cherwell District.
In introducing the report, the Lead Member for Planning circulated a schedule of amendments to the report which updated the original proposal to ensure that 25% of the New Homes Bonus would be used to meet the impact of planned growth across the whole district and improve community facilities in areas that had received development. 50% of the amount received would be held in a dedicated reserve (Local Government Resources Review Reserve) to enable the council to address any financial and service pressures. The remaining 25% would be allocated to supporting economic prosperity.
Resolved
(1) That the proposed use of the New Homes Bonus for the first two year awards be approved as set out in the report as amended (annex to the minutes as set out in the minute book).
Reasons
There is no obligation on Cherwell Council to pass the New Homes Bonus on, but a clear expectation that this will be done. CDC has published this policy note to guide the use of any monies received from the New Homes Bonus to provide consistency, transparency and guidance for the how the first award might be used to the benefit of the District.
Options
Option One - To support the proposed use of the New Homes Bonus
Option Two - To amend the proposed use of the New Homes Bonus
Option Three - To not support the proposed use of the New Homes Bonus