Issue - meetings

Report FSD22069

The report advised on the progress setting up the Meadowship Homes 2 joint venture arrangement with Orchard and Shipman to acquire residential properties to help reduce the current pressures in relation to homelessness and temporary accommodation, and requested a change to the financing arrangements.

The Committee recognised that there were difficulties resulting from recent fluctuations and uncertainties in the market.  As such, the Committee supported the recommendations in principle subject to the gilt matching the minimum criteria.

Members noted that the decision had been classified as urgent and that once taken the decision would not be subject to call in.

RESOLVED: That the Executive be recommended to

a)  Note progress on the scheme to date;

b)  Agree to commit to an ongoing revenue contribution of up to £250k per annum (indexed annually by CPI); and

c)  Agree to extend the loan term from the Funder from 50 years to up to 55 years.