The Cabinet Member for Housing and Health introduced the report and outlined an opportunity for MBC Property Holdings to acquire a set of flat units in Fant ward, with an intention of repurposing it for affordable tenure.

The Committee expressed support for the scheme and the Director of Regeneration and Place confirmed Mid Kent Legal Services had the capacity to carry out the scheme.

RESOLVED: That the Cabinet be recommended to:

1.  Approve the financial returns for the proposed acquisition as shown in Exempt Appendix 3 of this report, which supports the Housing Development and Regeneration Investment Plan and overall Development Strategy.

2.  Give delegated authority to the Director of Finance, Resources and Business Improvement to:

a) Negotiate terms for the purchase of the proposed acquisition for the sum as shown in the Exempt Appendix 3 of this 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 suitably qualified consultants and a 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.  Authorise the Head of Mid Kent Legal Services to appoint the Solicitors required 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.  Agree, post completion of the procurement process, to appoint a contractor for the works cost detailed in the financial summary at Exempt Appendix 3. If in the event tenders for the works cost are in excess of the agreed sum then 48 officers will return to the Committee/Cabinet to seek further approval prior to the development itself commencing.