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Jersey International Finance Centre: Building 1: Financing Agreement

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A decision made 30 October 2013:

Decision Reference:  MD-TR-2013-0089

Decision Summary Title:

SOJDC - Jersey International Finance Centre – approval of financing

Date of Decision Summary:

4th 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 (Jersey International Finance Centre) and underground car park approval of financing

Date of Written Report:

4th 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 Development Company (“SOJDC”) to enter into a financing agreement for Building 1, part of the underground car park, public park and contribute in part towards Building 4 of the Jersey International Finance Centre (“JIFC”).

Decision(s):

The Minister decided the following in accordance Article 27 of the Company’s Articles of Association and in accordance with 13.1 and 17.1 of SOJDC’s MoU:-  

  • To approve SOJDC entering into Loan Facility agreements. As set out in the Memorandum of Understanding (MoU), this is subject to a sufficient level of legally binding pre-lets being in place to fund the costs of the construction.

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 and public park. Building 4 construction will also commence once there is a sufficient level of legally binding pre-lets.

 

The Minister’s approval for SOJDC to enter into external financing and charge its property is in accordance with Article 27 of the Company’s Articles of Association and in accordance with MoU 13.1.

Resource Implications:

The financial implications of this decision are detailed in the accompanying report.

Action required:

In accordance with projet P.73/2010, section 12 of the report, this decision will not take effect for 15 days from the date of signing.

Signature:

 

 

Position: Senator P F Ozouf, Minister for Treasury and Resources

               

Date Signed:

Date of Decision:

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