Decision details

To update Cabinet on further due diligence undertaken into the options available for a Council owned Development Company

1.     Work to progress on the creation of a Devco based on Option 3b of the Cushman Wakefield model, i.e. to sell a portion of the units developed on the private market, and to retain a portion for private rental in order to generate a revenue stream for the Council be approved

Resolved to Recommend:

2.     the approval of a budget of £200k to progress Recommendation 1 of this report. This will cover the finalisation of design work, the finalisation of the business case, and consequent legal advice on the most appropriate tax and governance arrangements on creation of a Development Company.