Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Consilio as a wholly owned Council company, presents the Council with a great opportunity for future management of residential investment property, giving the Council flexibility and control over how the housing is used and by whom, be it for key workers or affordable housing with 100% nomination rights, as well as establishing a supply of well-maintained private rental accommodation. For this reason and to avoid setting up a Housing Revenue Account and consequential rights to buy for tenants, it is recommended that this development is transferred to Consilio Property Ltd to manage both the market rented and affordable housing. The transfer would be split into two transactions between the market rented properties and the affordable housing.
Cabinet noted the progress of this development and the financial details set out in part 2 of this report.
Cabinet authorised the Service Director Property and Assets in consultation with the Cabinet Member for Property & Assets and the Service Director Corporate Finance;
· Cabinet agreed the terms of the disposal of the development at Tatling End to Consilio Property Limited before or after Practical Completion in accordance with the values set out in Part 2 of this report, noting that the disposal value will comply with S123 of the Local Government Act 1972.
· Agreed the terms of the proposed funding agreement to Consilio Property Ltd to enable the transfer of the development to Consilio Property Ltd To be authorised to complete the legal agreements in relation to the disposal of the development at Tatling End and the proposed funding agreement to Consilio Property Ltd.
Cabinet agreed to delegate to the Service Director Property & Assets in consultation with the Cabinet Member for Property & Assets and the Service Director Corporate Finance to monitor the performance of the Company and its arrangements for managing the units.
Details of any conflict of interest declared: None
Publication date: 28/07/2020
Date of decision: 28/07/2020
Decided at meeting: 28/07/2020 - Cabinet
Effective from: 05/08/2020