1.
that Cabinet notes that the existing total amount of capital grant
funding received to support the project is £5 million,
comprising £3 million from The Levelling Up Partnership and
£2 million from The Devon and Torbay Devolution Deal, and
notes that this grant funding will be used for both interim funding
of schemes before Business Cases are finalised, and for part
funding of completed schemes;
2.
that Cabinet approves the principle of the funding model for the
Accommodation Repurposing Project, namely that each scheme is
funded by a combination of Homes England grant, an appropriate
level of supported prudential borrowing, with any residual funding
requirement made up from monies already received from the
Levelling-Up Partnership, the Devon and Torbay Devolution Deal (or
any other relevant affordable housing subsidy available to Torbay
Council at the time);
3.
that subject to Full Council approving the £20 million
prudential borrowing, Cabinet approves the stated ambition to
create an Accommodation Repurposing Programme that is able to
deliver an average of 75 units per year and that Full Business
Cases for each scheme be presented to Cabinet for approval in due
course;
4.
that subject to Full Council approving the £20 million
prudential borrowing, Cabinet provide delegated authority to the
Director of Finance, in consultation with the Cabinet Member for
Housing and Finance, to acquire sites for the Accommodation
Repurposing Programme, ahead of Cabinet consideration of a Full
Business Case (where necessary);
5.
that Cabinet requests that Head of Strategic Housing and Delivery
prepare an annual report for consideration by the Overview and
Scrutiny Board and Cabinet, demonstrating progress against the
project; and
That Cabinet
recommends to Council:
6.
that £20 million of prudential borrowing be approved to part
fund individual schemes within the Accommodation Repurposing
Programme, subject to repayment of borrowing being supported by
rental income from the schemes after deduction of projected
management and operating costs and appropriate allowances for
future maintenance cost of the properties (taking account of any
grant funding that may be available for the individual site).
