Issue - meetings

Purchase of Land in Worthing

Meeting: 03/11/2020 - Joint Strategic Committee (Item 71)

71 A Partnership Approach to Secure New Homes at Teville Gate pdf icon PDF 164 KB

To consider a report from the Director for the Economy, a copy is attached as item 9.

Minutes:

Before the Committee was a report by the Director for the Economy, copies of which had been circulated to all Members and a copy of which is attached to the signed copy of these minutes as Item 9.

 

The report informed members of progress towards a partnership with Vivid Homes Ltd to support the development of Teville Gate and provide 230 new homes; 130 of which would be affordable homes as part of a housing led mixed use development with an emphasis on placemaking and design.

 

The Committee welcomed the report and expressed support for the proposals put forward whilst highlighting the importance of the intervention on this site and acknowledging the associated risks.

 

Reassurance was sought regarding the type of agreement and sale price per unit identified. Officers advised that Vivid Homes Ltd were happy to enter into the form of agreement proposed and that the property valuations were based on the development costs per square meter and benchmarked against commercial figures. 

 

The recommendations in the report were proposed by Councillor Daniel Humphreys, seconded by Councillor Kevin Jenkins and were unanimously supported by the Committee.

 

Decision: 

 

The Joint Strategic Committee

 

        i.         approved the release of £246,000 from the Worthing Borough Council Capacity Issues Reserve to fund the initial costs associated with the project;

 

       ii.         delegated authority to the Director for the Economy to enter into a pre-purchase funding agreement with Vivid Homes on the terms proposed within this report; and

 

      iii.         noted that a further report would be presented to the Joint Strategic Committee detailing the final agreement with Vivid Homes, the financial commitment to be made by Worthing Borough Council and seeking authority to proceed.

 

Call In:

 

The call-in deadline for this decision will be 5.00pm on 13 November 2020.