Housing Market Renewal Programme - Housing Development Opportunity - Klondyke Neighbourhood
Report of the Housing Market Renewal Director
Minutes:
Further to Minute No. 73 of the meeting of the Cabinet Member - Regeneration held on 23 November 2009, the Cabinet considered the report of the Housing Market Renewal Director which sought approval to the making of a financial contribution towards public realm and site abnormal works as part of the development of the former Orrell Sports Ground site, Orrell Lane, by Bellway, the Council's appointed lead developer partner for the Klondyke Housing Market Renewal neighbourhood.
This was a Key Decision and was included in the Council’s Forward Plan of Key Decisions.
RESOLVED: That
(1) approval be given to the making of a financial contribution of £700,000 towards the overall development costs in respect of the development of the former Orrell Sports Ground site;
(2) the additional £500,000 secured by the Housing Market Renewal Programme from Newheartlands sources be noted;
(3) it be noted that the Council would receive a proportion of the profit generated by the development that is equal to the proportion of development costs represented by the Council's financial contribution;
(4) it be noted that the Council will receive 20% of any additional profit generated from 'overage' as a result of the development; and
(5) the Legal Director be requested, in consultation with the Finance and Information Services Director and Housing Market Renewal Director, to enter into an appropriate legal agreement with Bellway Homes pursuant to securing the Council's position in respect of the partnership arrangement.