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FOI request (FOIR-107017261)
Loan agreement with Optivo
Requested Mon 25 February 2019
Responded Wed 27 March 2019I understand that the council according to a HOT article paid Amicus Horizon[1] £4,475,000 of which £2,400,000 on 30 year loan . This payment was for luxury homes on this Costal Space project[2] site. Can you please indicate which account this now resides and provide paperwork substantiating a new negotiated loan agreement with Optivo in respect to £2,400,000 on 30 year loan already in place?
3)In respect to document you hold please provide reasons why a luxury apartment project costs less that social housing?
[1] https://www.hastingsobserver.co.uk/news/council-agrees-1-22m-housing-investment-1-6616418
[2] http://hastingsonlinetimes.co.uk/hot-topics/home-ground/coastal-space
Response
The Council has produced a number of reports on the Coastal Space initiative stretching back to 2013, where the funding sources are disclosed. These are available on the Council's website, and are as follows:1. Cabinet (18 February 2013) – Revenue Budgets 2012/13 (Revised) and 2013/14 plus capital programme 2012/13 to 2015/16. Please see Appendix S2. Cabinet (16 February 2015) - Revenue Budgets 2014/15 (Revised) and 2015/16 plus capital programme 2014/15 to 2017/18. Please see Appendix P – (Extension of Coastal Space Project 2015-2018)3. Cabinet (4 April 2016) – SE LEP Housing Bid – Coastal Space Phase 3 In terms of the loans and grants provided these were as follows:- (i) Phase 1 – Grant £909,027, Loan - £1,788,235 (not £2.4m as the scheme was revised) (ii) Phase 2 – Grant £758,342 (iii) Phase 3 – Grant £608,999 In terms of the loan agreement with Amicus Horizon/ Optivo - the amalgamation automatically novated the assets and liabilities of the amalgamating associations so Optivo became responsible. The Council retains 75% nomination rights on these properties (100% initial nomination rights, with a subsequent level of 75% - Optivo having 25% in respect of transferring/relocating tenants).
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