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Housing Development Fund - Andium Homes Ltd: Approval of Loan: Nicolle Close

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.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • 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

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 23 February 2015:

Decision Reference:  MD-TR-2015-0022

Decision Summary Title:

Housing Development Fund - Andium Homes Ltd: Approval of loan – Nicolle Close

Date of Decision Summary:

17th February 2015

Decision Summary Author:

Projects Director

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Housing Development Fund - Andium Homes Ltd: Approval of loan – Nicolle Close

Date of Written Report:

17th February 2015

Written Report Author:

Projects Director

Written Report :

Public or Exempt?

Exempt FOI Article 33

Subject: Housing Development Fund - Andium Homes Ltd: approval of loan in the sum of £2,149,000 (Nicolle Close).

Decision(s): The Minister for Treasury and Resources:-

  •  Approved the loan of £2,149,000, at an interest rate of 4.3% to Andium Homes Ltd for a period of 24 years expiring in 2038 and on the basis of the Loan Schedule, attached as Appendix 1 to the accompanying written report.
  • Authorised the Treasurer of the States to sign the Loan Agreement, in accordance with this Ministerial Decision.

This loan to be met from the £207,000,000 allocated from the Bond issue and earmarked for lending to Andium Homes Ltd.

Reason(s) for decision:  To enable Andium Homes to refurbish and upgrade 20, 2 bed residential units together with external works, services and drainage, at Nicolle Close. The loan will be repaid from net rentals generated from Andium Homes properties. This is in support of P.33/2013: The Reform of Social Housing.

Resource Implications: There are no additional staffing implications. The financial implications are set out in the loan schedule attached as Appendix 1.

Action required: Projects Director to advise 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.

 

Projects Director to advise the Chief Operating Officer and Finance Director of Andium Homes Ltd that the Loan request has been approved and that the Loan agreement is being produced.

Signature:

 

 

Position: Senator A J H Maclean, Minister for Treasury and Resources

 

Date Signed:

 

Date of Decision:

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