Minutes:
(Mr. T. Wallace, Director of Finance, attended in connection with this item.)
The Director of City Regeneration and Development provided the Committee with an update on the Private Sector Partner (PSP) strand of the housing-led regeneration programme of work, which included:
· the Initial Site-Specific Business Plan (ISSBP) for Corporation Street/Exchange Street;
· the potential for a multi-site approach that would see co-ordinated delivery of housing-led regeneration across both Corporation Street/Exchange Street and Gloucester Street (initially identified Seed Sites), along with Additional Opportunity Sites, identified through the Strategic Site Assessment Phase 2, at Seymour House, Sally Gardens and Ashdale car park;
· the future Detailed Site-Specific Business Plans (DSSBP) for various sites which would include greater detail on the proposed scheme deliverables, tenure mix, funding and delivery models, and that this would be brought back to the Committee;
· Site development and the Revised Development Programme; and
· Viability and the range of funding options which included the use of Financial Transactions Capital (FTC) financing.
The Director advised that a further report would be submitted to the Committee at a future meeting on the revision of sequencing for site development and the Development Programme.
During discussion, the Director of City Regeneration and Development answered a range of questions from the Members in relation to the multi-site approach, social and affordable housing, funding options and Council subvention.
In response to Members’ questions, the Director of Finance provided the Committee with further detail in respect of the potential use of the £1 million which was secured through the 2026/27 rate setting process to support housing-led regeneration. He advised that this could be used to leverage additional capital and would be a recurring amount.
After discussion, the Committee:
i. noted the update provided in respect of the Private Sector Partner and the progress made in relation to the Initial Site-Specific Business Plan for Corporation Street/Exchange Street;
ii. agreed a multi-site approach which would include Gloucester Street, Seymour House, Sally Gardens and Ashdale car park, along with Corporation Street/Exchange Street;
iii. noted that this would allow the proposals to move to the next stages of the Detailed Site-Specific Business Plans which would include detail on the proposed scheme deliverables, tenure mix, funding and delivery models, and that this would all be subject to the approval of the City Growth and Regeneration Committee and the Strategic Policy and Resources Committee prior to any Development Agreements with the Private Sector Partner being entered into;
iv. noted the impact on the Seed Site Development Programme which had been previously agreed by the Committee;
v. agreed that a further report would be brought back which would seek agreement on the revision of sequencing for site development and the Development Programme;
vi. noted the various funding options which were currently under review and that the Private Sector Partner was cognisant of addressing the challenges facing the delivery of a viable housing led-regeneration scheme; and
vii. noted that a further report would be brought back to the appropriate Committee on how the funding secured through the rates setting process for housing-led regeneration could be optimally deployed in developing financing options for the delivery of housing led-regeneration.