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Housing Development Fund - Andium Homes Limited: Loan Approval - Lesquende Phase 2

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.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them 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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A decision made 12 November 2014:

Decision Reference:  MD-TR-2014-0134

Decision Summary Title:

Housing Development Fund - Andium Homes Ltd: Approval of loan in the sum of £9,675,000 (Lesquende Phase 2)

Date of Decision Summary:

31st October 2014

Decision Summary Author:

Projects Director

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 in the sum of £9,675,000 (Lesquende Phase 2)

Date of Written Report:

31st October 2014

Written Report Author:

Projects Director

Written Report :

Public or Exempt?

Exempt 3.2.1 (a) (x)

Subject: Housing Development Fund - Andium Homes Ltd: Approval of loan in the sum of £9,675,000 (Lesquende Phase 2).

Decision(s): The Minister for Treasury and Resources:-

 

  • approved the loan of £9,675,000 to Andium Homes Ltd for a period of 19 years expiring in 2032 and on the basis of the Loan Schedule, attached as Appendix 1 to the accompanying written report.
  • authorised the Treasurer of the States to sign the Loan Agreement, in accordance with this Ministerial Decision.

 

This loan to be met from the £207,000,000 allocated from the Bond issue and earmarked for lending to Andium Homes Ltd.

Reason(s) for decision:  To enable Andium Homes to build 9 x 3 bedroom houses, 34 x 2 bedroom houses and 1 x 1 bedroom flat.

 

The loan will be repaid from net rentals generated from the new properties. This is in support of P.33/2013: The Reform of Social Housing.

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

Action required: Projects Director to advise 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.

 

Projects Director 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: Senator A J H Maclean, Minister for Treasury and Resources

Date Signed:

 

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