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Convent Court - Low Rise Development, St. Helier: Andium Homes Ltd: Approval to proceed and funding arrangements

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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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 5 June 2020:

Decision Reference:  MD-TR-2020-0068

Decision Summary Title:

Andium Homes Ltd: Approval of the development known as Convent Court Low Rise and the associated project budget

Date of Decision Summary:

2nd June 2020

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:

Andium Homes Ltd: Approval of the development known as Convent Court Low Rise and the associated project budget

Date of Written Report:

2nd June 2020

Written Report Author:

Head of Shareholder Relations

Written Report :

Public or Exempt?

Exempt – FOI

Article 33

Subject:

Andium Homes Ltd (“Andium”): Approval of the development known as Convent Court Low Rise and the associated project budget

Decision(s):

The Assistant Minister for Treasury and Resources decided to:-

 

  • provide approval for Andium to proceed with the development known as Convent Court Low Rise (the “Development”); and

 

  • agree that the Development will be funded from Andium’s Revolving Credit Facility up to a maximum budget of £6,812,718.

 

Reason(s) for decision: 

In signing MD-TR-2020-0014, the Assistant Minister for Treasury and Resources required Andium to continue to seek his approval for all Agreed Projects, including their funding mechanism, prior to commencement. P.129/2014 (Budget 2015) Appendix C defines an Agreed Project as “…a project in Jersey selected by the Housing Trust/Association/Company and approved by the Minister for Treasury and Resources as part of an agreed Business Plan or otherwise.”

 

The Development is part of Andium’s Strategic Business Plan 2019-23 as approved by the Assistant Minister for Treasury and Resources in October 2019.

 

A third party assurance review has been completed and has not identified any matter which raises risks or concerns which cannot be mitigated or addressed by Andium.

 

There are currently insufficient monies available in the Housing Development Fund to provide a loan, therefore Andium will utilise their Revolving Credit Facility to fund the cost of this Development.

 

This approval is required for Andium to progress its strategic objectives and is aligned to Andium’s vision and stated aims within its Strategic Business Plan and is compatible with the emerging Island Plan strategy.

 

This Development will be a useful stimulus for the local economy post the Covid-19 pandemic.

 

Resource Implications:

There are no additional resource implications, financial or manpower as a result of this decision for the Government of Jersey. All costs will be borne by Andium.

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 advise the Finance Director of Andium Homes Ltd that Ministerial approval has been provided for Andium to proceed with the Development.

 

Signature:

 

 

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

 

Date Signed:

 

Date of Decision:

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