Decision details

The Cabinet will be asked to recommend approval of the Barley Homes Business Plan.

RECOMMENDED TO COUNCIL: (17 December 2019)

That:-

1.       Taking into account the financial and risk implications set out in Report No: CAB/WS/19/041 and Exempt Appendix A, the Barley Homes Business Plan 2019 be agreed.

2.       In order to bring the Barley Homes Business Plan 2019 into effect:

(a)         A revenue budget of £350,000 be established to fund the Council’s share of costs to progress planning applications for the Mildenhall site and also the development of future pipeline sites;

(b)         A capital budget of £5m be established, funded from the Investing in our Growth Agenda, to support the issuing of equity and loan financing (to increase the existing £7.5m facility) to facilitate the development of the two additional sites identified in the Business Plan;

(c)     It is noted that in order to facilitate the developments within the Business Plan, the Council will be required to acquire sites from partners and subsequently dispose of these to Barley Homes.