Issue - meetings

A report of the Leader and Cabinet Member for Growth that details an update on overall scheme progress and to obtain approval for the Council to enter into the necessary Grant Funding Agreements.

The Cabinet considered a report of the Executive Director of Place/Deputy Chief Executive which provided an update on overall scheme progress, in relation to Princes Gate, which also sought to obtain approval for the Council to enter into the necessary Grant Funding Agreements and to complete all other necessary agreements/documentation to allow for the development of 331 new homes at Princes Gate, Oldham to commence.

Options/Alternatives considered:

Option 1 - To not enter into the Grant Funding Agreements. This would mean that the scheme remains unviable, and MUSE would not be able to deliver the said scheme. It would also cause reputational damage to the Council if the already secured GMCA Grant was not drawn down and it is highly likely that the grant would be re-allocated outside of the borough. The council could also decide not to contribute towards the Socially Rented Homes, which would mean that the 75 new homes in Phase 1 would be let at Affordable Rent levels only.

Option 2 (preferred Option) - To enter into the Grant Funding Agreements. This option would mean that Muse, as the Council’s selected strategic partner, would be in a position to deliver the 331 new homes at Princes Gate, as the first phase of residential development in the town centre. The homes formed an integral part of the Council’s Creating a Better Place Regeneration Programme.    

Resolved:

That the Cabinet will consider the confidential recommendations, detailed in the report, at agenda item 35.

To provide an update on overall scheme progress and to obtain approval for the Council to enter into the necessary Grant Funding Agreements.