Jersey International Finance Centre: Underground Car Park: Financing Agreement

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A decision made 30 October 2013:

Decision Reference: MD-TR-2013-0095
Decision Summary Title:	SOJDC - Jersey International Finance Centre – approval of financing		Date of Decision Summary:	16th October 2013
Decision Summary Author:	Treasurer of the States		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	SOJDC – JIFC 1,4 and underground car park approval of financing		Date of Written Report:	16th October 2013
Written Report Author:	Head of Shareholder Relations		Written Report : Public or Exempt?	Exempt 3.2.1 (a) (xi)
Subject: Shareholder approval for the States of Jersey Currency Fund, to offer an Infrastructure Investment to part fund the construction of an underground car park as part of the first phase of the Jersey International Finance Centre.
Decision(s): The Minister decided the following in accordance with 13.1 and 17.1 of SOJDC’s MoU:- To approve in line with the current Investment Strategy for the Currency Fund, an Infrastructure Investment of £13,000,000 to provide SOJDC financing for part of the underground car park, subject to the agreed conditions as detailed in the report.
Reason(s) for Decision: The Jersey International Finance Centre (phase 1 of the Esplanade Quarter Masterplan) is planned to comprise of six individual buildings. The first building proposed to be constructed is Building 1, subject to a pre-let, which will include the construction of an underground car park. The financing of part of the underground car park to be by way of the issuance of an Infrastructure Investment from the Currency Fund as defined under MoU 13.1 and 17.1.
Resource Implications: An Infrastructure Investment of £13,000,000 from the Currency Fund.
Action required: Head of Financial Management, Accounting and Reporting to advise the Head of Shareholder Relations that this decision has been approved. Head of Shareholder Relations to arrange for the Treasurer and an authorised signatory of SOJDC to sign the Infrastructure Investment Agreement and that it be appropriately witnessed. (Appendix B). Further, to ensure that the promissory letter is signed by and an authorised signatory of SOJDC and returned before the first stage Infrastructure Investment payment is made (Appendix B).
Signature:		Position: Senator P F Ozouf, Minister for Treasury and Resources
Date Signed:		Date of Decision: