Decision details

1.      That capital expenditure of up to £6,065,000 in 2023/24 be agreed to purchase and refurbish 16 properties under Financial Procedural Rule 7.4, using the approved 2024/25 HRA unallocated new build budget, to be funded by £2,400,000 LAHF grant with the balance of £3,665,000 by prudential borrowing.

2.      That subject to the agreement of the Heads of Terms by the Monitoring Officer as set out in exempt Appendix 3, authority be delegated to The Corporate Head – Asset Management to purchase 16 properties (detailed in Exempt Appendix 1).

3.      That capital expenditure of up to £658,218 be agreed to purchase a Bridging accommodation property under Financial Procedural Rule 7.4, using the 2024/25 HRA unallocated new build budget, to be funded by £329,109 of LAHF grant and the balance of £329,109 of prudential borrowing.

4.      That authority be delegated to the Corporate Head - Asset Management to purchase the additional property to provide accommodation for those leaving the bridging hotels when a suitable property matching the requirements of the fund is identified.