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Executive Decision - Executive Mayor Minutes    

Date: Monday 19 April 2021       Time: 09:00 AM       Location: Virtual Meeting       Contact: gwright@Mansfield.gov.uk

Attendance Details

PresentNames
Present:Executive Mayor Andy Abrahams
In AttendanceAttendees
In Attendance:Robert Purser, Gabriella Wright
ItemDescriptionBackground InformationDecision
 APOLOGIES FOR ABSENCEAPOLOGIES FOR ABSENCE

None.
 
21/01DECLARATIONS OF INTERESTDECLARATIONS OF INTEREST

None.
 
21/02ADVANCE QUESTIONS FROM MEMBERS OF THE PUBLICADVANCE QUESTIONS FROM MEMBERS OF THE PUBLIC

None.
 
21/03ADVANCE QUESTIONS FROM NON-EXECUTIVE MEMBERSADVANCE QUESTIONS FROM NON-EXECUTIVE MEMBERS

None.
 
21/04MANSFIELD HOMES LIMITED UPDATEMANSFIELD HOMES LIMITED UPDATE

The Development Manager presented the report. The Executive Mayor previously received a report on Mansfield Homes on 9 November 2020. This report provides an update since that time. There has been no change to any Governance arrangements since the last update.
At the time of the last report three properties were reserved and four were sold subject to contract. The four properties that were sold subject to contract have now been completed and the properties occupied. There are now six properties reserved.
One of the properties that completed was the show home and this has now been relocated to a different plot which has since been reserved. The show home will relocate to a different plot and house type.
Viewings remain high with 18 initial viewings and four second viewings in the period 20 March 2021 to 2 April 2021. The number of online portal views through Rightmove remains consistently high with over 4,000 views in the same period.
It is anticipated that the extension of the stamp duty holiday will help to further stimulate sales
Part exchange is considered on an individual basis where it is considered to be of benefit to both the prospective purchaser and the Company
The total loan borrowed by the Company was £8,603,235.71. The Company made a repayment of £1,250,000 in March leaving a balance of £7,353,236. The Company will continue to make repayments as and when properties are sold.
The Council doesn’t just financially benefit from the dividend. To the end of March 2021, the Company has generated the following income (£456,457) to the Council. Due to Council Tax and Business Rates etc.
The overall the income generated for the Council from the company initiative could be in the region of just over £2m but until the project is completed, this figure will change.
The Executive Mayor was satisfied with the comprehensive and detailed report. The Mayor was pleased to see that viewings were up and that more properties had been sold. The Mayor was hopeful that the extension to the Stamp Duty holiday would assist in further sales.
The Mayor stated that he was happy to recommend to the Council that the report be accepted for noting.




Report of Head of Planning and Regeneration

Decision Notice
RECOMMENDATION TO COUNCIL:

To accept the report for noting.
Published 19/04/2021 10:22:01