Cabinet agreed to:

1.    Note the progress that has been made towards the creation of a new strategic delivery partnership with Homes England and delegated authority to the Service Director for Economic Development to agree the terms of a Memorandum of Understanding with Homes England setting out our joint commitment where he would not already have authority to do so.

2.    Authorised officers to progress discussions with Homes England around establishing a joint venture to facilitate housing delivery across the city subject to more detailed recommendations being provided in advance of any formal agreement being concluded.

3.    Note the funding package for the Civic Centre project and approved an update to the capital programme to include each element of the funding as set out below:

·         £8,500,000 of grant funding from the Levelling Up Fund;

·         £950,000 of District Heat Network funding;

·         Subject to Homes England’s formal approval, £20,000,000 of grant funding from Homes England;

·         £14,395,144 of corporate borrowing (which includes £4.7m of corporate borrowing to replace £4.7m of Future High Street Fund grant previously vired to the Armada Way project); and

·         £2,971,182 of service borrowing.

4.    Note that the use of the grant funding from Homes England, the corporate borrowing and the service borrowing will be subject to a more detailed business case (including a cost plan which has been subject to further due diligence and market testing) to be reviewed by the relevant Scrutiny Committee during 2025/26 and subsequently approved by Cabinet.

5.    Approved the freehold purchase of the Civic Centre from Urban Splash for £1.00;

6.    Grant authority to the Strategic Director for Growth or the Section 151 Officer to agree the terms of:

·         A grant funding agreement with Homes England; and

·         An Agreement for Lease and / or Lease of all or parts of the Civic Centre to one or more third parties and / or any other related agreements in order to facilitate the redevelopment of the site.