Agenda item

Asset Management Strategy - 5 Year Regeneration and Growth Programme 2017 - 2022 (Cab.1.11.2017/9)




(i)        that the adoption of the Regeneration and Growth programme for the next five years and beyond and the implementation of the key themes as set out in the report now submitted, be supported;


(ii)       that the sites listed at Appendix B be approved in principle for inclusion in the Regeneration and Growth programme, subject to detailed consideration and further consultation with stakeholders and local Councillors;


(iii)      that, as appropriate, further reports be submitted on specific proposals for individual sites and properties, following consultations with local members, the Joint Asset Management Working Group and if necessary the Capital Oversight Board;


(iv)      that should the disposal of any of the properties be “materially” or significantly prejudicial to the Council’s VAT partial exemption position, they are withdrawn from the programme until steps have been taken to protect the Council’s VAT position;


(v)       that all capital receipts including Housing Revenue Accounts (HRA) dwelling and land receipts continue to be pooled corporately to support the Medium Term Financial and Asset Strategies unless specifically earmarked by Cabinet in accordance with the policies set out in the report submitted;


(vi)      that any shortfall in previously agreed earmarkings in relation to Building Schools for the Future (BSF) are covered off from the Council’s corporate pooled receipts;


(vii)     that any property leased out by the Council be at full market value unless otherwise specifically agreed by Cabinet;


(viii)    that all housing schemes consisting of affordable or social housing are sold on a freehold or leasehold basis at £5,000 per unit (subject to the financial viability of each scheme being reviewed);


(ix)      that monies are earmarked from capital receipts to fund future specialist reports and planning application fees which will enhance the value of future development sites.  The Capital Oversight Board will consider these where appropriate;


(x)       that the Service Director, Assets be authorised to offer properties and sites listed in the report for sale by tender/auction or private treaty sale, subject to full consultations being completed prior to disposal; and


(xi)      that the Executive Director, Core Services be authorised to complete transactions based on terms agreed, either using in-house resources or through the legal framework agreement which is often used for property transactions.