Decision - Proposed Leases to Brighton & Hove Seaside Community Homes Ltd (Seaside).

(1)       Note the risk matrix and the impact on the General Fund of those risks held by the Council (detailed in appendix 1)

(2)       Note the best consideration valuations and the methodology used in leasing the 499 properties over a 5 year leasing period.

(3)       Approve the use of receipts from the leasing of HRA assets to Brighton & Hove Seaside Community Homes for affordable housing and in particular for the carrying out of improvements to the Council’s retained HRA stock under the Council’s decent homes programme during the period from October 2011 to October 2018

(4)       Agree that the HRA capital programme over the five year leasing period be increased as required to refurbish properties before leasing to Brighton & Hove Seaside Community Homes where appropriate in order to efficiently manage empty properties identified for leasing and maximise the benefits to the HRA

(5)       Agree additional funding of up to £150,000 to complete the project as set out in para 10.17

(6)       Agree the overall principles of the proposed deal as set out in this and the part II report and, subject to paragraph 7 below, agree to enter into agreement with Brighton & Hove Seaside Community Homes Ltd and the funders.

(7)       Without prejudice to any authorisation previously granted to Officers authorise the Strategic Director of Place, the Chief Executive and the Director of Finance, after consulting the Deputy Leader (Executive) and  Cabinet Members for Housing and Finance to:

·        settle any outstanding or new issues that may arise during negotiations:

·         settle the terms of the required suite of documents with Brighton & Hove Seaside Community Homes Limited and the Funders;

·         decide on the properties to be leased to the company; and

·         take all steps necessary or incidental to completion and/or implementation of the overall transaction.

(8)       Authorise the Head of Law to draft, finalise and execute all documents necessary to completion and/or implementation of the overall transaction.