03 July 2007
Comments of the Minister for Treasury and Resources
1. The valuation from Donaldsons, a leading firm of property advisers, fully supports the previous valuation from Drivers Jonas and the original decision of the Minster for Treasury and Resources. It vindicates the Chief Minister, the Treasury and Resources Minister and the officers of Property Holdings in the advice given to the States in the context of the debate on Deputy Duhamel’s proposition (P.30/2007).
2. This valuation was carried out in pursuance of the recommendation of the Corporate Affairs Scrutiny Sub-panel chaired by the Connectable of Grouville, a recommendation accepted and promptly implemented by the Minister for Treasury and Resources. The professional valuation indicated a valuation of £2,129,000 as at June 2007.
3. The developer, Grange Developments Limited, has worked with the previous Environment and Public Services Committee, the current Planning and Environment Department and with Property Holdings for a period of 18 months, following their appointment after an open tender process. They have kept faith with the States as planning requirements have changed. It is not only unnecessary, but it would be totally unprofessional, to have a fresh tender process at this stage after all the efforts put in by the current appointee ; furthermore it would totally undermine the confidence of prospective developers to enter into any future negotiations with the States.
4. The public can be satisfied that we have negotiated with the developer a commercial financial package which is fair to the developer and fair to the public of the Island. With the additional receipts expected from overage payments, it will provide to the States a total yield of over £3 million and is a good deal for both parties.
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