David Greens finance Questions
Dear Jennifer
Thank you very much for your reply, it is appreciated.
It would seem therfore that we have a discrepency over the valuation do we not?
The district valuer regarding the valuation as £3.27M, whereas Stuart Edwards Fullerton valuing at £4M having " taken the £0.8M for affordable housing into account in our valuation"
I am trying to understand the basis for calculating the affordable housing amount and will get back to you. At the momment it looks as though it should be between 15 and 30% of something. Is the "something" the selling prices of the houses? or the profit?
Perhaps you can help me.
Dave Green
Jennifer Seeley <Jennifer.Seeley@thanet.gov.uk> wrote:
Dear Councillor Green,
The two valuations were for the site with the existing planning permission/conditions (28/01/04). The valuations were £3.9m and £4.0m.
The report of Stuart Edwards Fullerton states "we also note that a commuted sum for the provision of affordable housing is required under Condition 24 and have taken this into account in our valuation".
The Valuation Office have confirmed that the value they gave of £4m would be reduced by the amount of the affordable housing contribution (to £3.27m) and then compared to the contribution also less the affordable housing contribution (so the extent of the sale at undervalue remains the same).
The affordable housing calculation is fully explained in the Planning committee report of 28/01/04, paragraphs 3.17 and 3.18. (copy attached). This was based on a fixed figure of £6,800 per unit x 107 units = £727,600.
I hope this helps
Regards
Jennifer Seeley
Strategic Director (Finance)
>>> DAVID GREEN <dgreen.home@btinternet.com>25/11/04 23:01:07 >>>
Hello Jennifer,
Following tonight's negation of democracy, perhaps you would be so kind as to answer my question concerning the valuation of the site.
Was the £4M valuation that the Council obtained from two sources, including the £0.8M for affordable housing?
Secondly, could you explain precisely how the £0.8M for affordable housing was calculated, including the base figure and the percentage applied for this site.
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