Disposal of Aquila Youth Club site

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A decision made to support the recommendations of Jersey Property Holdings to sell the former Aquila Youth Club site.

Subject:	Disposal of Aquila Youth Club Site for Social Rented Housing Development by Les Vaux Housing Trust
Decision Reference:	MD-TR-2006-0014	Exempt clause(s):		n/a
Type of Report: (oral or written)	Written	Person Giving Report (if oral):		n/a
Telephone or e-mail Meeting?	n/a	Report File ref:
Written Report – Title	Disposal Of Aquila Youth Club Site For Social Housing.	Written report - author		R. Foster
Decision(s): The Minister supported the recommendation of Jersey Property Holdings to sell the former Aquila Youth Club site to the Les Vaux Housing Trust for the nominal sum of £10 for the development of 26 one bedroomed flats for social rented accommodation. The Minister authorised the release of the necessary funding from the Housing Development Fund to fund capital and interest subsidies associated with the development. The Minister authorised the Treasurer of the States to receive any subsequent agreed sum on completion of the project and credit that sum to the Housing Development Fund. Under Standing Order 168 (1) (a) and 168 (3) the Treasury and Resources Minister hereby notifies the States that he has accepted the recommendation of Property Holdings to agree to the above land transaction.
Reason(s) for decision: The proposal is consistent with the States ongoing policy to facilitate the development of social rented housing in conjunction with Housing Trusts, through the provision of capital and interest subsidy where required. The scheme is considered to provide good value for money and meets the priority housing requirements identified in the revised Planning for Homes report (RC63/2005). It is estimated that the net capital subsidy and ongoing interest subsidy costs can be contained within the Housing Development Fund.
Action required: Head of Corporate Capital to report decision to the Housing Department, States Greffe and Chairman of the Les Vaux Housing Trust.
Signature: (Minister/ Assistant Minister)			Date of Decision: 06/02/2006