Issue - meetings

Report of Councillor P Kerry, Deputy Leader of the Council and Portfolio Holder for Finance

(Paragraph 3)

Council considered a report which sought approval for borrowing to fund a request for investment, in the form of a loan, from Rykneld Homes Ltd (RHL) for the acquisition of homes for affordable rent at Earls Park, Holmewood.

An amendment to defer the item was moved and seconded by Councillor D Hancock and Councillor R Welton. This was put to the vote and defeated.

RESOLVED – that:

(1)  Council approved the borrowing, as set out in the report, to fund the loan to RHL for the acquisition of homes at Earls Park.

(2)  Council approved the revised Capital Financing Requirement, Operational Boundary and Authorised Limit as set out in the financial implications section of the report.

Report of Councillor N Barker, Leader of the Council and Portfolio Holder for Strategic Leadership and Finance

RESOLVED – That

1.     Cabinet approved RHL’s proposal to acquire 39 homes for rent at Earls Park Holmewood

2.     Cabinet recommended, to Council, borrowing of £5.553m to provide investment, in the form of a loan, to RHL to progress with the acquisition.

This was a Key Decision.  The call-in period for this decision would run until Thursday 4 December 2025.

Cabinet considered a report which asked them to consider supporting Rykneld Homes Limited’s (RHL) proposal to acquire 39 new homes to rent at Earls Park, Holmewood, The report also asked Cabinet to consider recommending to Council additional General Fund borrowing to provide investment to RHL, in the form of a loan, to progress with the acquisition. The report outlined RHL’s proposal and detailed the viability of the scheme.

Cabinet considered the report. There were discussions around value for money, value to the Council and residents, the design of the development and borrowing headroom.

RESOLVED – That

1. Cabinet approved RHL’s proposal to acquire 39 homes for rent at Earls Park Holmewood

2. Cabinet recommended, to Council, borrowing of £5.553m to provide investment, in the form of a loan, to RHL to progress with the acquisition.

REASONS FOR DECISION

The opportunity to bring new affordable homes into the District meets the objectives in the Council Plan and Housing Strategy and provides warm safe homes for our residents at affordable rents.

OTHER OPTIONS CONSIDERED AND REJECTED

To not support the scheme. Not considered as the acquisition meets the Council’s objectives regards housing supply.

This was a Key Decision. The call[1]in period for this decision would run until Thursday 4 December 2025.

Councillor Kevin Gillott returned to the meeting.