Issue - meetings

(The Director of Housing) To consider the attached report (CHB-011-2013/14).

The Assistant Director of Housing (Property) presented a report updating the Cabinet Committee on Phase 1 of the Council Housebuilding Programme.

The Assistant Director reported that, in July 2013, the Cabinet Committee considered feasibility studies and an investment report for Package One of the Council’s Housebuilding Programme. Planning applications had been submitted for all sites in Phase 1 which consisted of five sites in Waltham Abbey. Permission had been granted for the Harveyfields site and the remaining sites would be determined at an  Area Plans Sub-Committee meeting on 26 February 2014. One site had been withdrawn for the time being, for 2 houses on the Roundhills Estate, due to legal issues to be resolved.

Decision:

(1)        That the current progress with regard to Package One, consisting of five sites in Waltham Abbey; Harveyfields, the former Red Cross site, and three sites on Roundhills Estate be noted;

(2)        That the revised budget position be noted, with total scheme costs of £3,908,324 (works & fees) for which a higher subsidy of £512,000 to that previously reported is required to achieve a 30 year payback as required by the Council’s Development Strategy with a positive Net Present Value (NPV); and

(3)        That the updated financial information, including the revisions to the housing estimates, be noted and the amendments to the budgets be submitted to Cabinet as part of the HRA Capital Programme and Revenue Account.

Reasons for Decision:

The Housebuilding Cabinet Committee receive regular updates on progress and monitored expenditure against the Housebuilding budget as delegated by the Cabinet.

Other Options Considered and Rejected:

None – report for noting only.