Decision details

The board considered a report of the interim Executive Director of Housing, Property & Regeneration that sought approval of the project Change Request for Coventry City Council to be awarded up to an additional £12.24m from the Housing and Land Investment Programme to provide gap funding and assist the delivery of the City Centre South scheme.

It was noted that the intention was draw new grant funding from the National Competitive Fund to deliver against the requirement for a Housing Start by March 2025 in accordance with the conditions of the fund set by Government.

The interim Executive Director of Housing, Property and Regeneration, John Godfrey, introduced the report and advised the board that the scheme was currently commercially unviable due to increased costs following a change to Government Building Regulations that were introduced following the fire at Grenfell and inflationary elements as a result of the re-design of the scheme.

Adam Hunt, Coventry City Council, reported that Coventry City Centre South was a key regeneration project that would significantly regenerate Coventry Centre and outlined the key features and benefits of the scheme.

Councillor Bird reported of the need for the WMCA to advertise or promote its role in helping to fund the scheme, in conjunction with Coventry City Council and the developer, so that the general public is aware of what the WMCA does.

The Chair highlighted Section 4 of the report with regard to the independent risk and appraisal (paragraph 4.2) that recommended approval of the Change Request subject to four conditions being met.

The board supported the Change Request.

Resolved that:

1.    The Housing Fund Investment allocates up to £12.24m towards unlocking the mixed-use regeneration project known as City Centre South, subject to the full verification of the viability gap and other standard due diligence be approved and.

2.    Authority be delegated to approve the commercial terms and grant structure to the Interim Executive Director of Housing, Property and Regeneration and the Director of Commercial and Investment to ensure the necessary due diligence is undertaken to any associated legal agreements that are necessary to give effect to the recommendations contained within the report be agreed.