Deferment of payment of balance due for Caledonia Close

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A decision made (23.06.06) to approve the deferment of payment of the balance due in respect of sale of Caledonia Close.

Ministerial Decision

Subject:	Deferment of Payment of the Balance Due in Respect of Sale of Caledonia Close to the Royal Yacht Group Limited
Decision Reference:	MD-H-2006-0039		Exempt clause(s):	n/a
Type of Report: (oral or written)	Written		Person Giving Report (if oral):
Telephone or e-mail Meeting?			Report File ref:	WR- Deferment of Payment on Caledonia Balance 19-6-06
Written report – Title	Deferment of final payment due in respect of the sale of Caledonia Close, St Helier, to the Royal Yacht Group Limited
Written report – Author (name and job title)	Carl B Mavity – Director of Estate Services
Decision(s): The approval of the deferment of the payment by the Royal Yacht Group Ltd of the balance due in respect of the sale of Caledonia Close, St. Helier until 30th September 2006, on the following conditions:- 1. That the outstanding amount shall accrue interest at the rate of 2% above the Bank of England base rate (presently 4.5%); and, 2. That no further deferment will be entertained and payment in full, of the balance of £585,000 plus the interest accrued will be made on or before 30th September 2006.
Reason(s) for decision: To permit the completion of works.
Action required: Copy of decision to be forwarded to the Treasury & Resources Minister for action.
Signature: (Minister)		Date of Decision: 23 June 2006

Deferment of payment of balance due for Caledonia Close

Date of Report: - 19th June 2006

REPORT FOR HOUSING MINISTER

DEFERMENT OF FINAL PAYMENT DUE IN RESPECT OF THE SALE

OF CALEDONIA CLOSE, ST HELIER , TO THE ROYAL YACHT GROUP LIMITED

Background

On 10th May 2005, the States, adopting a proposition of the Housing Committee, (P74/2005 refers), authorised the sale with vacant possession on behalf of the public, of Caledonia Close, Pier Road, St. Helier, to the Royal Yacht Group Limited for £650,000. It was agreed that the £650,000 be received in two payments, to be £65,000 on passing of Contract of Sale and the balance of £585,000 on or before 30th June 2006.

The Royal Yacht Group Limited has now requested that payment of the balance of £585,000 be deferred for a period of no longer than 3 months to allow them to restructure their financing after a change in the scope of their development.

Recommendation

That the Minister agree to the deferment of the payment of the balance until 30th September 2006, on the following conditions:-

1. That the outstanding amount shall accrue interest at the rate of 2% above the Bank of England base rate (presently 4.5%), and

2. That no further deferment will be entertained and payment in full, of the balance of £585,000 plus the interest accrued will be made on or before 30th September 2006.

C Mavity

Director of Estate Services

19-6-06