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Housing Development Fund: Andium Homes Ltd: Approval to extend Loan No. 13: Various Enabling 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.

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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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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 21 December 2018

Decision Reference:  MD-TR-2018-0149

Decision Summary Title:

Housing Development Fund – Andium Homes Ltd: Approval to extend Loan No. 13 – Various Enabling Works

Date of Decision Summary:

18th December 2018

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 to extend Loan No. 13 – Various Enabling Works

Date of Written Report:

18th December 2018

Written Report Author:

Head of Shareholder Relations

Written Report :

Public or Exempt?

Exempt – FOI Art.33

 

Subject:

Housing Development Fund – Andium Homes Ltd: approval to extend Loan No. 13 – Various Enabling Works.

Decision(s):

The Minister approved the extension of Loan No.13 to Andium Homes Ltd, the capital balance of which is £10,316,000, at an interest rate of 5%, to be repayable on 31st March 2020.

Reason(s) for Decision: 

The loan is required to enable Andium Homes to continue to progress various schemes, in terms of e.g. demolition and enabling works, prior to entering into the main contract works for each of these schemes, at which point a loan request for each specific scheme would be made. Of the original 6 schemes covered by Loan No.13, 2 have been repaid, however the remaining 4 schemes are delayed for various reasons.

 

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 Andium Homes Ltd.

Resource Implications:

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

Action required:

The Head of Decision Support to notify the Head of Shareholder Relations that the decision has been approved.

 

The Head of Shareholder Relations to prepare a letter to Andium, for signature by the Treasurer of the States, confirming the extension, as an addendum to Loan No.13.

Signature:

 

Position: Deputy S Pinel,

Minister for Treasury and Resources                

Date Signed:

Date of Decision:

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