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Housing Development Fund - Andium Homes Ltd: Approval of loan: La Collette low rise (Basement Works)

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

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  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

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The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made on 7 October 2019

Decision Reference:  MD-TR-2019-0092

Decision Summary Title:

Housing Development Fund - Andium Homes Ltd: Approval of loan – La Collette low rise (Basement Works)

Date of Decision Summary:

2nd October 2019

Decision Summary Author:

Head of Shareholder Relations

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Housing Development Fund - Andium Homes Ltd: Approval of loan – La Collette low rise (Basement Works)

Date of Written Report:

2nd October 2019

Written Report Author:

Head of Shareholder Relations

Written Report :

Public or Exempt?

Exempt – FOI Art. 33

Subject:

Housing Development Fund - Andium Homes Ltd: Approval of a loan in the sum of £17,640,000: La Collette low rise (Basement Works).

Decision(s):

The Minister for Treasury and Resources:-

  • approved the loan of £17,640,000, at an interest rate of 5.0% to Andium Homes Ltd, repayable no later than 31st March 2021 and on the basis of the Loan Schedule, attached as Appendix 2 to the accompanying written report.
  • approved a loan agreement based on the model loan agreement approved in MD-TR-2014-0084 be prepared.
  • authorised the Treasurer of the States to sign the Loan Agreement in accordance with this Ministerial Decision and to ensure that the States are notified of the issuance of the new loan agreement in accordance with Regulation 13(4) of the Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005

 

Reason(s) for decision:  

The loan is required to enable Andium Homes to enter into a contract for basement works (initial Piling and Ground Slab Works) at La Collette low rise.

 

This is in support of P.33/2013: The Reform of Social Housing.

 

The States in approving P.129/2014 on 22nd September 2014 agreed that the Minister could lend under Article 3(3)(b) of the Public Finances Law, 2005, to Housing Trusts / Associations / Companies or bodies with the same purpose registered in Jersey.

Resource Implications:

There are no additional resource implications, financial or manpower as a result of this decision.

Action required:

The Head of Financial Governance to notify the Head of Shareholder Relations once this decision has been approved.

 

The Head of Shareholder Relations to produce the necessary loan agreement, based on the Model Loan Agreement approved in MD-TR-2014-0084 for signing by the Treasurer of the States.

 

The Head of Shareholder Relations to advise the Chief Operating Officer and Finance Director of Andium Homes Ltd that the Loan request has been approved and that the Loan agreement is being produced.

Signature:

 

 

Position: Deputy S Pinel, Minister for Treasury and Resources

 

Date Signed:

 

Date of Decision:

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