The purpose of the report was for Cabinet to consider the creation of a Housing Joint Venture partnership between the Council and Cross Keys, in line with the Council’s approved Budget and the recommendations of a cross party task and finish group that considered changes to the Council’s strategy with regards housing in Peterborough.
Cabinet considered the report and APPROVED:
1. The establishment of a JV Limited Liability Partnership (“LLP”) with Cross Keys Homes Development Ltd (“Cross Keys”);
2. The Director of Growth and Regeneration in consultation with the Leader of the Council, the Director of Governance and Corporate Director: Resources to exercise delegated authority to finalise and agree all necessary legal agreements with Cross Keys and the LLP to establish the JV’s structure and operation;
3. The investment of £100,000 into the Joint Venture for operating capital;
4. The withdrawal of the existing Affordable Housing Capital Funding Policy;
5. That future grants from Section 106 Planning Receipts will be approved by the Corporate Director – Growth and Regeneration, except where they are intended to be given to the Housing Joint Venture in which case they will be approved by the Head of Service - Sustainable Growth Strategy;
6. The allocation of the Right to Buy receipts for the Housing Joint Venture in line with the Council’s approved Budget for 2016/17; and
And RECOMMENDED TO COUNCIL:
7. Amendments to the Constitution ‘Appointments to external organisations’ to include the joint venture company once established within the key partnerships category to enable to the Leader to make appointments to the Housing Joint Venture Board.
Decision type: Key
Reason Key: Expenditure or savings greater than £500,000;
Decision status: Recommendations Approved
Notice of proposed decision first published: 29/04/2016
Anticipated restriction: Part exempt - View reasons
Explanation of anticipated restriction:
The decision will include an exempt annexe. By virtue of paragraph 3, information relating to the financial or business affairs of any particular person (including the authority holding that information).
Decision due: 25 Jul 2016 by Cabinet
Lead member: Councillor Peter Hiller, Cabinet Member for Strategic Planning and Commercial Strategy and Investments firstname.lastname@example.org
Lead director: Executive Director Place and Economy
Department: Place and Economy
Relevant internal and external stakeholders.
Relevant Scrutiny Committee: Sustainable Growth and Environment Capital
Meeting Open to Public: N/A