WV Living detailed business plan phase 1
[To approve Phase 1 of the WV Living (the Council’s Housing
Company) detailed business plan to commence trading and delivering
new housing for sale and market rent]
Additional documents:
- Restricted enclosure 2
- Restricted enclosure 3
- Restricted enclosure 4
- Restricted enclosure 5
Minutes:
Cllr
Peter Bilson presented a report seeking approval to phase 1 of the
WV Living (the Council’s Housing Company) detailed business
plan to commence trading and delivering new housing for sale and
market rent.
Resolved:
- That Council be
recommended to approve an increase to the
Council’s Capital Programme by up to a maximum of £40
million for loans to WV Living to be repaid to the Council in
accordance with the provisions of the business plan.
- That the detailed
business plan for WV Living (the Council’s Housing Company)
for 2016 – 2017 be approved, including:
i.
The detailed financial plan
ii.
The updated risk register
iii.
The key terms of the shareholder agreement between
the Council and WV Living
iv.
The key terms of the Loan agreement between the
Council and WV Living
- That
loans from the Council to WV Living up to a
total value of £40 million to cover the acquisition/land
costs of the first phase of development secured by a legal charge
be approved.
- That a loan from the
Council to WV Living up to £1 million to cover the
company’s running costs over the initial few years of
operation to be funded from the efficiency reserve or through
equity funding be approved.
- That Housing Services
incur pre-acquisition costs on behalf of the company until March
2017 up to £750,000 funded from the Regeneration
Reserve.
- That the detailed
Shareholder Agreement between the Council and WV Living be
delegated to the Cabinet Members for City Assets and Housing and
Resources in conjunction with the Managing Director and the
Director of Finance (Section 151 Officer).
- That detailed loan
agreements and the execution of any loan agreements or other
financial instruments between the Council and WV Living be
delegated to the Cabinet Members for City Assets and Housing and
Resources in conjunction with the Managing Director and the
Director of Finance (Section 151 Officer).
- That the entering
into of any ancillary agreements or documents between the Council
and WV Living arising out of the funding to WV Living be delegated
to the Cabinet Members for City Assets and Housing and Resources in
conjunction with the Managing Director and the Director of Finance
(Section 151 Officer).
- That the Council will
act as guarantor for contracts entered into by WV Living where
appropriate.
- That the Council bids
for Help to Buy grant funding, along with delegated authority to
the Cabinet Member for City Assets and Housing in consultation with
the Strategic Director for Housing to enter into a contract with
the Homes and Communities Agency to accept the grant funding, and
bid for future phases of Help to Buy grant funding as
necessary.
- That the authority to
approve the final financial strategy for providing loans and equity
to the Company be delegated to the Cabinet Member for Resources in
conjunction with the Director of Finance.
- That it be
noted that in accordance with the resolution of Cabinet following
its meeting on 20 July 2016 WV Living would commence trading as
soon ...
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