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Andium Homes Ltd - Extension of Loan 11: Ann Street Brewery

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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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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 15 November 2019

Decision Reference:  MD-TR-2019-0108

Decision Summary Title:

Andium Homes Ltd – Extension of Loan 11 – Ann Street Brewery

Date of Decision Summary:

6th November 2019

Decision Summary Author:

Director of Treasury and Investment Management

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Andium Homes Ltd – Extension of Loan 11 – Ann Street Brewery

Date of Written Report:

6th November 2019

Written Report Author:

Director of Treasury and Investment Management

Written Report :

Public or Exempt?

Exempt – FOI Art. 33

Subject:

Andium Homes Ltd – Extension of Loan 11 – Ann Street Brewery

Decision(s):

The Assistant Minister for Treasury and Resources:-

 

  • approved the extension to the repayment date of loan 11 to 31st December 2020.

 

  • authorised the Treasurer of the States to sign a new Loan Agreement in accordance with this Ministerial Decision.

 

Reason(s) for decision:  

When loan 11 was originally granted it was intended that it would be repaid in full once the main development of the project on the Brewery site commenced. Given that the commencement of the main contract for this project has been deferred it is appropriate to similarly extend the final repayment date of the loan.

The States in approving P.129/2014 on 22nd September 2014 agreed that the Minister could vary the purposes of the Housing Development Fund (HDF) under Article 3(3)(b) of the Public Finances Law, 2005 to lend to Andium Homes Ltd.

The use and operation of the HDF allows for the acquisition and development of sites and there is sufficient capacity within the HDF to provide the loan until 31st December 2020.

Liability in the event of non-repayment is still mitigated back to Andium without recourse to the Guarantor.

Resource Implications:

The extension of the loan will result in additional interest payments of approximately £350,000 which will be identified as income into the Housing Development Fund in 2020. Other than this the only resource implication will be the preparation of a new Model Loan Agreement.

 

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 acting Finance Director of Andium Homes Ltd that the Loan request has been approved and that the Loan agreement is being produced.

 

Signature:

 

 

Position: Deputy L Ash, Assistant Minister for Treasury and Resources

 

Date Signed:

 

Date of Decision:

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