Issue - items at meetings - Local Delivery Vehicle - Update

Report of the Director of Adult Social Care & Housing (to follow)

That the Cabinet Committee:

(1) Notes the attached update report from the PricewaterhouseCoopers (PwC), financial advisors to the LDV project.

(2) Agrees, in light of the PwC update report, to allow an extension to the project timing in relation to funding determination to allow more time for discussions with the banks that have shown an interest.

9.1           The Cabinet Committee considered a report of the Director of Adult Social Care & Housing that updated them on the work undertaken to determine the funding options for the housing Local Delivery Vehicle. This was in accordance with the Cabinet decision of 24 September 2008 approving the setting up of a Housing LDV (for copy see minute book).

9.2           The Cabinet Member for Housing informed Members that the Board had decided to name the Housing LDV ‘Brighton and Hove Seaside Community Homes Limited’ and that April was still the intended inception date.

9.3           The following responses were given to questions from the Opposition Spokesperson:

§       The Cabinet Member for Housing explained that the information contained in the Part 2 report was commercially sensitive and therefore needed to remain confidential.

§       The Head of Housing Strategy & Development confirmed that approaches for funding were first made in September of the current year.

§       The Cabinet Member for Housing stated that she was confident that good offers would be forthcoming particularly as the banks were being given more time to respond.

§       The Director of Adult Social Care & Housing explained the PricewaterhouseCoopers (PwC) have confirmed that no additional cost will be incurred as a result of the delay in finding funding. She added that she would write to the Opposition Spokesperson regarding fees paid to PwC to date.

§       The Chairman stated that the council was committed to investing in the housing stock and meeting tenant expectations irrespective of the economic conditions.

9.4           RESOLVED – That the Cabinet Committee:

(1)       Notes the attached update report from the PricewaterhouseCoopers (PwC), financial advisors to the LDV project.

(2)       Agrees, in light of the PwC update report, to allow an extension to the project timing in relation to funding determination to allow more time for discussions with the banks that have shown an interest.