Minutes:
Gareth Bradford introduced the report on this matter and advised that it had been co-developed with Telford and Wrekin Council and Shropshire Homes. If approved, a previous allocation from the Brownfield Land and Property Fund would be reclaimed and be available for alternative purposes. Freddy Shrieve presented the report which sought approval for an investment from the WMCA’s Devolved housing and Land Fund under its Single Commissioning Framework for the former AGA Foundry Project, a major strategic housing development project in Telford which would bring forward at least 100 new homes by 2026. He responded to various questions from Members and officers on the proposal.
Councillor Tristan Chatfield queried whether an allocation from the Devolved Housing and Land Fund was appropriate given that the scheme was not inside the WMCA area i.e. the West Midlands Metropolitan area. Gareth Bradford explained that the Housing Deal, which was the source of funding, was available across the WMCA geography and both Constituent and Non-Constituent Authorities were eligible to apply for funding. This statement was confirmed by Linda Horne.
Resolved:
That subject to:
(i) Further detailed vetting of the Applicant (Shropshire Homes);
(ii) Provision of RICS Red Book Valuation for the site to the satisfaction of the WMCA;
(iii) The Applicant to provide a final detailed cost plan on the full scheme;
(iv) The completion of a Funding Agreement including a detailed spend and delivery programme, independent project monitoring reports and a detailed Risk Register;
(v) Inclusion of appropriate clawback and overage clauses within the Funding Agreement in line with Chapter 11 of the Single Commissioning Framework;
(vi) The completion of a Legal Report to the satisfaction of the WMCA’s Director of Housing and Regeneration and WMCA’s Head of Governance;
(vii) Shropshire Homes being liable to repay the WMCA investment if housing was not delivered by the long stop date of December 2026
1. The investment as detailed in the report from the WMCA’s Devolved Housing and Land funds be approved to remediate and de-risk the former AGA Foundry project in Telford which would bring forward at least 100 housing units, including 20% affordable provision (against the WMCA’s approved regional affordable housing definition);
2. That it be noted that the funding was fully compliant with the requirements of the WMCA’s Single Commissioning Framework approved by this Board, the Housing and Land Delivery Board and the WMCA Board in March 2019 and fully operational since April 2019;
3. That it be noted that this project has gone through the key decision making and appraisal stages of the WMCA Single Commissioning Framework and was fully compliant with the requirements set by Central Government for Devolved Housing and Land funds administered by the WMCA;
4. That it be noted that Telford and Wrekin Council had identified this site as a priority for SCF investment and that this report had been co-developed and was fully supported by Officers from Telford and Wrekin Council, the Local Planning Authority for the scheme;
5. That it be noted that the ask was being provided through the Land Fund rather than from a provisional BFLPDF allocation as agreed with Telford and Wrekin Council;
6. That it be noted that this report had received express support by the Investment Panel at its meeting on 25 January 2021.