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1240/5/1(470)
WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES BY SENATOR S.C. FERGUSON
ANSWER TO BE TABLED ON TUESDAY 12TH SEPTEMBER 2017
Question
Given that, with the adoption of Esplanade Quarter, St. Helier – Masterplan' (P.60/2008), the States approved a guaranteed payment to the States of £50 million for the regeneration of St. Helier and adjacent urban areas, and in light of the fact that the proposition has not since been amended in any way, will the Minister advise:
- in which year this sum will become available to be spent on such regeneration; and
- on what the Council of Ministers, under their strategic objectives, then intends to spend these funds?
Answer
- Proposition P.60/2008 asked the States Assembly to, inter alia, "endorse the intention of the Minister for Planning and Environment to adopt the Masterplan for the Esplanade Quarter as an agreed development framework for the Esplanade Quarter."
The Masterplan referred to the proposed payments to be made by the third-party developer at that time. However, it has been publicly disclosed that the proposed third-party developer could not complete the transaction and in July 2009 the then Waterfront Enterprise Board Limited terminated the Heads of Terms with the developer.
The States in adopting P.73/2010 agreed the establishment of the States of Jersey Development Company Limited (SoJDC). An objective of SoJDC as stated in P.73/2010 is:-
"To promote, co-ordinate and implement a comprehensive strategy for the development of the whole of the St. Helier Waterfront area [.] in accordance with approved Masterplan(s) and Development Brief(s) and other relevant guidance prepared by the Minister for Planning and Environment and, where expedient, to undertake development directly."
P.73/2010 sets out various risk mitigation measures for SoJDC to implement when undertaking direct development. The delivery of the Esplanade Quarter development is therefore demand led.
The Masterplan contains a number of significant and costly public infrastructure elements to be funded by SoJDC as part of its delivery of the overall Esplanade Quarter project.
SoJDC has publicly reported that profits from the development of the Esplanade Quarter can only be paid out as dividends after all the public infrastructure associated with the development has been delivered. SoJDC has stated that the forecast £50m residual return from the entire Esplanade Quarter development will be available in around 15 to 20 years' time (on completion of the entire development).
- The Minister for Treasury and Resources has committed that the net receipts from the Esplanade Quarter will be ring-fenced and made available for the regeneration of other parts of St. Helier , which is in itself a Strategic Objective.
It is anticipated that the Regeneration Steering Group (comprising the Chief Minister, Minister for Treasury and Resources, Minister for Infrastructure, Minister for Economic Development and the Constable of St. Helier) and the Future St. Helier Group will agree upon a prioritised list of regeneration projects within St. Helier for the funds to be allocated.