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.