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Harborough Local Plan Local Plan Viability APPENDIX 1 Residential Market Review August 2016 (updated July 2017)Residential Market Review 1.1This paper provides an overview of open market sales (OMS)

How to fill out local plan viability assessment

How to fill out local plan viability assessment

1. Gather relevant financial data including costs, revenues, and site specifics.
2. Identify the necessary assumptions for the project such as construction costs, sales prices, and rental values.
3. Use appropriate assessment tools or templates specifically designed for local plan viability assessments.
4. Calculate the viability results, analyzing whether the projected revenues meet or exceed the costs including profit margins.
5. Document your findings clearly, ensuring all calculations and assumptions are transparent.
6. Review the assessment with stakeholders for feedback and adjustments if necessary.
7. Submit the completed viability assessment as part of the local planning application process.

Who needs local plan viability assessment?

1. Local planning authorities to evaluate the financial feasibility of proposed developments.
2. Developers to substantiate their proposals and demonstrate economic viability.
3. Investors to assess potential returns on investment in the context of local planning requirements.
4. Community groups to understand how developments might impact local resources and services.

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What is local plan viability assessment?

A local plan viability assessment is an evaluation tool used to determine whether the proposed developments within a local plan are economically viable. It assesses the financial feasibility of implementing the plan by considering factors such as land values, construction costs, and potential revenues.

Who is required to file local plan viability assessment?

Local authorities and planning departments are generally required to file a local plan viability assessment. Developers may also need to provide this assessment when submitting proposals that involve significant changes or new developments.

How to fill out local plan viability assessment?

To fill out a local plan viability assessment, stakeholders should gather relevant financial data, including site-specific costs, expected revenues, and market conditions. They must input this data into a standardized template or model, ensuring accurate calculations of the viability of the plan.

What is the purpose of local plan viability assessment?

The purpose of a local plan viability assessment is to ensure that a local plan is realistic, achievable, and sustainable. It helps decision-makers understand the economic implications of their planning policies and ensures that developments can proceed without financial hindrances.

What information must be reported on local plan viability assessment?

A local plan viability assessment must report information such as land acquisition costs, construction costs, expected sales values, operating costs, and any applicable financial contributions or obligations. Additionally, it should outline market conditions and assumptions used in the analysis.