Issue - decisions
PSP Southend LLP Update
The Cabinet considered a report of the Executive Director (Finance and Resources) recommending that 4 sites are conditionally opted into PSP Southend LLP for delivery.
1. That it be noted that the high-level business plan, future updates to it and progress against it will be presented to the Shareholder Board in due course, together with the financial performance of PSP Southend LLP (the LLP).
2. That the sites listed in section 3.4 of the submitted report be conditionally opted into the LLP for delivery in line with the objectives set out, subject to the completion of all relevant due diligence required through PSP Stages e2 and e3 (including completion of the best value review by CIPFA). Operational decisions on the development of the sites going forward will be taken by the LLP Partnership Board (through the Council’s LLP Representatives).
3. That officers continue to engage with the partnership through regular liaison meetings on the future pipeline of development opportunities to ensure that the business plan can be serviced and there is a continuous pipeline of delivery to optimise and support the viability of the LLP.
4. That it be noted that the £5m identified for the delivery of Ilfracombe Avenue was no longer required and can be released from the Capital Programme and that officers and the LLP are pursuing potential funding via the Homes England ASELA fund to assist with viability and delivery.
Reasons for decision:
It is important for the Council to maintain housing delivery across a range of development sites and types to help meet market demand and to contribute to the overall housing targets. All development also delivers local employment and helps the recovery of the economy.
The Cabinet could agree not to opt some or all of the proposed sites into PSP Southend LLP for delivery and to either consider direct delivery (having regard to the scarce internal resources) or alternative delivery vehicles. Either of these options will however delay delivery and it should be noted that the e3 stage requires CIPFA to endorse the projects and that they deliver the best value for the Council before moving to e4 where the land is committed (in legal terms).
Note: This is an Executive Function
Eligible for call-in to: Policy and Resources Scrutiny Committee
Cabinet Member: Cllr Woodley