Decision details

Rochester Riverside Phase 1A - Funding and Provision of Infrastructure

Decision Maker: Cabinet

Decision status: Recommmend Forward to Council

Is Key decision?: No

Is subject to call in?: No

Decisions:

This report provided details of a proposal to fund a road, services and infrastructure at Rochester Riverside to facilitate the delivery of affordable housing on the site and also reducing the risk of the remainder of the phase for future developers.  This would add value to the site and the Council would subsequently be able to sell part of the site with the benefit of the road and affordable housing.

 

An exempt appendix provided commercially sensitive financial information and legal advice regarding the provision of funding and infrastructure for Phase 1A of Rochester Riverside.

 

The Cabinet accepted this as an urgent item to enable Full Council on 13 January 2011 to give consideration to approving the scheme as an addition to the Capital Programme in 2011/2012.

 

Decision number:

Decision:

222/2010

The Cabinet recommended to Full Council that a sum of £2.5m be included in the 2011/2012 Capital Programme and to delegate authority to the Chief Finance Officer, in consultation with the Portfolio Holder for Finance and Deputy Leader, to proceed with the prudential borrowing subject to reaching satisfactory agreement with the South East England Development Agency (SEEDA) and the Department for Communities and Local Government (DCLG) as to recovering of the funding from future sales on Rochester Riverside.

223/2010

The Cabinet agreed to delegate authority to the Assistant Director, Housing and Corporate Services, in consultation with the Portfolio Holder for Finance and Deputy Leader, authority to enter into any legal agreements required to ensure the recovery of the £2.5m funding.

 

Reasons:

 

The decision will further reduce the risks surrounding the site and see development activity at Rochester Riverside and is in line with the Council’s priorities for delivering development on its flagship regeneration site.  It will also help protect the £4.6m HCA affordable housing grant for Rochester Riverside.

Report author: Sarah Beck

Publication date: 22/12/2010

Date of decision: 21/12/2010

Decided at meeting: 21/12/2010 - Cabinet

Accompanying Documents: