The Report of the Executive Manager – Transformation.
Decision:
It was RESOLVED that:
a) A loan facility up to a value of £2.5 million be created if required by the developer (CWC) at Fairham Pastures to accelerate the delivery of the development and that delegated authority be granted for the S151 Officer to negotiate the final terms of any loan, in consultation with the Portfolio Holder for Finance.
b) £1.15m be invested from the Asset Investment Strategy, alongside 2.5m of LEP Growth Deal funding to bring forward the development of the industrial units at Fairham Pastures which will be owned and managed by Rushcliffe Borough Council.
c) Financial implications be included within the 2019/20 Medium Term Financial Strategy (both revenue and capital implications.)
Minutes:
The Portfolio Holder for Economic Growth and Business presented the report of the Executive Manager – Transformation which provided the Cabinet with an update on the business case to the Local Enterprise Partnership to secure £2.5 million of growth deal funding to bring forward the development of industrial units at the Fairham Pastures development and to seek the approval for the allocation of Council resources to accelerate the delivery of housing on this key strategic site.
It was noted that in 2015 the Council had secured £6.25m of Local Growth Funding from the D2N2 Local Enterprise Partnership and that although £3.25 million had been allocated to Land North of Bingham and RAF Newton, funding was no longer required for these sites. The Portfolio Holder explained that in November 2017 it was reported to Cabinet that £2.5 million of the £3.25 million would be allocated to the Fairham Pastures development as this site met the requirements for LEP funding. It was also noted that an additional £3.65 million would be provided by Rushcliffe Borough Council made up of a 2.5 million loan which would be repaid by CWC over two years and a £1.15 million investment.
The Portfolio Holder noted that the loan, investment and the LEP Growth Deal Funding would accelerate the delivery of housing and employment land on the Fairham Pastures development and would aid the Council to meet is 5 year housing supply.
In seconding the recommendations Councillor Mason stated that if the delivery of the development was not accelerated in order for the Council to meet its five year housing supply then developments in unallocated areas could continue to occur which were contrary to the Council’s policy and would not be welcome.
Councillor Robinson stated that it was the Council’s responsibility to provide assistance to developers so that appropriate and affordable housing could be built.
It was RESOLVED that:
a) A loan facility up to a value of £2.5 million be created if required by the developer (CWC) at Fairham Pastures to accelerate the delivery of the development and that delegated authority be granted for the S151 Officer to negotiate the final terms of any loan, in consultation with the Portfolio Holder for Finance.
b) £1.15m be invested from the Asset Investment Strategy, alongside 2.5m of LEP Growth Deal funding to bring forward the development of the industrial units at Fairham Pastures which will be owned and managed by Rushcliffe Borough Council.
c) Financial implications be included within the 2019/20 Medium Term Financial Strategy (both revenue and capital implications.)
Reason for decisions
The loan of up to £2.5 million of Council resources will accelerate delivery of housing and employment land allowing for delivery across the whole site rather than in phases. The allocation of 1.15m funding from the Asset Investment Strategy will unlock a further 2.5 million of LEP Local Growth Funding. The Fairham Pastures development will deliver 3000 homes and 20 ha of employment land and therefore will play a critical role in working towards meeting the Council’s 5 year housing supply.