Value for Money. 4.1 The Contractor undertakes to make all reasonable efforts to ensure that all goods and Services purchased in support of this Contract are purchased at the best possible market price, in line with the Authority‟s requirements to ensure „value for money‟. For the purpose of this Contract, „value for money‟ is defined as the optimum combination of whole life costs and quality to meet the Authority‟s requirements.
Value for Money. Each Candidate Scheme must demonstrate value for money i.e. the optimal use of resources to achieve the intended outcomes. The National Audit Office use three criteria to assess value for money: economy – minimising the cost of resources used or required – spending less; efficiency – the relationship between the outputs from goods or services and the resources to produce them – spending well; and effectiveness – the relationship between the intended and actual results of public spending – spending wisely. In basic terms value for money is the degree to which benefits exceed costs and the use of HM Treasury’s Green Book and Business Case Appraisal process in assessed Candidate Schemes is expected to demonstrate the potential value of any scheme. The Candidate Scheme business case is also expected to refer, where appropriate, to guidance on value for money and other benefits specific to the nature of the proposed scheme, this will include demonstrating social return on investment and local multiplier benefits. The business case may also highlight how the schemes procurement might improve economic, social and environmental well-being of the region and how such improvements might be secured in its implementation. The Regional Cabinet when deciding on whether to support a Candidate Scheme will take a wide range of evidence into consideration in addition to the level of value for money. There may be occasions when, although the measure of value for money is low, due to the wider regional economic impacts on the Regional Economic Strategy targets, cost effectiveness, environmental and social impact, and leverage of additional funding the Candidate Scheme will be supported.
Value for Money. The Firm Scheme Grant employed in the Firm Scheme is properly employed and the revenues from the Firm Scheme are sufficient to replenish funds spent on the Firm Scheme over time. Affordability The maximum acceptable rents for dwellings at the Firm Schemes are Affordable Rents as defined in the Agreement which is subject to review and update by the Council annually or from time to time. It is assumed that rents include service charges, and the design of the scheme should ensure that that service costs are minimised and are absorbed within the rent. Tenancies After the initial 1 year Starter Tenancy, tenancies should be offered for a 5 year term. Nominations will come from the Common Housing Register Loan Arrangements A signed declaration from the Finance Director (or equivalent officer) of the Grant Recipient that funding arrangements for the Firm Schemes are in place Accessibility of units A suitable number (10% or 1 in 10 units starting with 9 and above) of fully accessible wheelchair units are provided with individual parking at Firm Schemes Good fit with Strategic Objectives The Firm Scheme complies with the Council's priority housing and planning area expectations such as the proposed Housing Zone. Firm Schemes should comply with relevant planning requirements including respective proportions of family and non-family units of accommodation. Other criteria The Council has absolute discretion whether to accept as a Firm Scheme a scheme which is the subject to a Section 106 Agreement or a purchase having regard to the Submitted Standards. Without limiting such discretion, any such scheme must comply with the Additional Design & Quality Standards, any requirements from the Employer’s Agent and comply with the rent requirements in this Schedule. All Firm Schemes must be located in the Area and not on land currently owned by the Council. The Grant Recipient must have a Secure Legal Interest in the units identified in the Firm Scheme Details. If the Firm Scheme forms part of a larger development, the Grant Recipient will ensure that all Grant monies are ring fenced and applied exclusively to the units identified in the Firm Scheme Details and that no other public sector subsidy is applied to those units. DEED OF COVENANT This Deed of Covenant is made the day of Between [ ] (the Grant Recipient); The Mayor and Burgesses of the London Borough of Tower Hamlets of Town Hall, Mulberry Place, 5 Clove Crescent, E14 2BG (the Council).