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Former Clearview Street School (Scott Gibaut Trust): Letter of Comfort

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.

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A decision made (01.06.2009) to approve the issuing of a letter of comfort in relation to sale of the former Clearview Street School.

Decision Reference: MD-TR-2009-0078

 

Decision Summary Title :

Former Clearview Street School (Scott Gibaut Trust): Letter of Comfort

Date of Decision Summary:

27 May 2009

Decision Summary Author:

 

Assistant Director - Finance & Investment

Decision Summary:

Public or Exempt?

 

Public

Type of Report:

Oral or Written?

N/A

Person Giving

Oral Report:

N/A

Written Report

Title :

N/A

Date of Written Report:

N/A

Written Report Author:

N/A

Written Report :

Public or Exempt?

 

N/A

Subject: Former Clearview Street School (Scott Gibaut Trust): Letter of Comfort

Decision(s):

1. The Minister approved the issuing of a letter of comfort to HSBC bank to support borrowing by the Scott Gibaut Trust in the sum of a maximum of £671,600 for the development of 7 No. one bed flats on the site of the former Clearview Street School.

2. The States will provide financial support to the Trust in respect of the repayments of the loan and will account for all interest charged over 6% to the Trust by the Bank in respect of this advance.

Reason(s) for Decision:

The States, in supporting Projet P65/2007 on 3/7/2007, approved the sale of the property at a nominal sum of £10. The accompanying report included reference to the issuing of a letter of comfort to limit the Trust’s interest rate exposure to a level of 6%.

Resource Implications:

The cost of providing for any interest charges above the 6% limit, from time to time, will be met from the Housing Development Fund.

Action required:

Treasurer of the States to issue a letter of comfort to HSBC Bank to reflect the above decision.

Signature:

 

 

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

        

 

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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