Issue - meetings

The Leader noted that following  the Development and Lease Agreement with FEC, the Council was expected to receive £3.5m in land premium for the Site.  FEC had submitted a planning application for the scheme and this was due to be considered by the  Planning Sub-Committee on 11^th December 2017. 

FEC’s planning proposal currently included 11 affordable housing units and the outcome of recent viability discussions had confirmed the developer will be funding these units. There was now an opportunity for the Council to invest its £3.5m capital receipt in more affordable housing in wards in the west of the borough, such as Crouch End, Hornsey, Highgate, Muswell Hill, Fortis Green and Alexandra and this additional £3.5m was likely to achieve at least another 15 affordable housing units.

The attached report sought authority to use up to £3.5m of the Council’s land receipt from the Site to fund affordable housing in this area to boost the affordable provision linked to this project. 

RESOLVED

1.    To agree that up to £3.5m, which is the total capital receipt the Council is due to receive for the long lease of the Site, be used to fund affordable housing in wards in the west of the borough, such as Crouch End, Hornsey, Highgate, Muswell Hill, Fortis Green and Alexandra.

2.    To give delegated authority to the Strategic Director of Regeneration, Planning and Development in consultation with the Section 151 Officer to decide the final amount to be spent, the number and type of affordable housing to be provided.

Reasons for Decision

Hornsey Town Hall is an iconic building right at the heart of Crouch End which must be restored and preserved for future generations of Haringey residents. Finding a plan for the Town Hall which restores the stunning historical features, opens up the building to the public, enables community use and gives the building a sustainable financial footing has been a challenging task because of the deteriorating condition of the building and significant community focus required for the building.  As a result of this, securing affordable housing on this Site has been difficult however there is an opportunity for the Council to commit its land receipt from the Site to fund affordable housing in this area.  

The Council’s commitment to fund affordable housing in this area using its land receipt should be set out clearly in advance of Planning Committee meeting on 11^th December 2017, therefore this recommendation is not going to Cabinet on 12^th December and is instead coming forward through a Key Decision Report for Leader Signing.  

Alternative options considered

The alternative option that have been considered for the Hornsey Town Hall project can be defined as follows:

·         Option A - Do nothing: The Council’s land receipt for the Site goes into the Council’s capital strategy to fund other priorities across the borough.