The Council has an ambitious housebuilding program is funded via the Council’s

adopted Capital Program. This housebuilding program encompasses homes for

Affordable Housing (AH) Private Rented Sector Housing (PRS that) and on occasion a limited amount of exposure to Market Sale (MS) Housing too. The development

strategy for this program was approved by the Policy and Resources Committee in January 2022 and the proposals within this report are consistent with delivering that strategy.

RESOLVED: That

1.  The financial returns for the proposed acquisition as shown in Exempt Appendix 3 to the report, be approved.

2.  The Director of Finance, Resources and Business Improvement be granted delegated authority to:

a)  negotiate terms for the purchase of the site, for the sum as shown in the Exempt Appendix 1 to the report.

b)  Procure and enter into all such deeds, agreements, contracts, and documents which may be required to facilitate the purchase of the site, and the subsequent redevelopment works required to deliver the scheme referred to in this report. Including (but not limited to) any related appointments such as a suitably qualified Employers Agent and Contractor.

c) Subject to satisfactory conclusion of all due diligence to negotiate and finalise and complete all legal formalities, deeds and agreements which may be required to facilitate the purchase.

3.  The Head of Mid Kent Legal Services be authorised to appoint Solicitors to negotiate and complete the necessary contract documentation, deeds and agreements associated with the purchase and construction works on the terms as agreed by the Director of Finance, Resources & Business Improvement.

4.  Post completion of the procurement process, to employ the necessary consultants to progress a planning application; and

5.  Post completion of the procurement process, to appoint a contractor for the works cost detailed in the financial summary Exempt Appendix 3 to the report. If in the event tenders for the works cost are in excess of the agreed sum, Officers will return to the Executive to seek further approval prior to the development itself commencing.

When appraising new housing development opportunities, the New Business

and Housing Development Team consider proposals against the following

standard risk headings:

• Site location and ownership

• Town Planning Status

• Schedule of accommodation, tenure mix and parking ratio

• Quality – Maidstone Building for Life 12.

• Housing Management.

• Deal structure

• Contractor procurement

• Financial viability

• Delivery program

• Professional team

The opportunity proposed in this report is fully appraised against these

standard risk headings in Exempt Appendix 1 to the report.

Option 1: That the proposed acquisition is not approved. The Council would however lose an excellent opportunity to purchase a site with access to good transport links and amenities to add to its housing stock. It will assist in much needed affordable accommodation in the Borough and contribute towards the Councils 1,000 Affordable Homes delivery target.

Option 2: That the proposed acquisition is approved on the agreed terms. This site when built will assist with affordable housing provision, contributing towards delivering the 1,000 affordable homes target.