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A late attempt seeking further details and assurances over the States’ proposed £35m investment into housing and flood defences at the Bridge, before cash is handed over, has been put forward.
Deputy Andrew Taylor, Vice-President of the Development & Planning Authority, wants Policy & Resources to provide facts on what’s being invested into and what the future ongoing costs may be, such a maintenance or insurance.
He also wants assurances that due diligence has been carried out into the involved companies, their directors “past and present”, and their current financial status.
Also, he wants to know when the projects will be delivered, when housing will be handed over, and “such information as required to understand what guarantees and warranties will be offered by any vendor, partner or main contractor regarding the purchase of any properties and also the completion of an overall scheme”.
The amendment agrees in principle for the money to assist the delivery of new housing and the regeneration of the Bridge but directs P&R to return to deputies by the end of the year with these details before the money rolls or procurement processes begin.
It’s been seconded by Deputy Gavin St Pier, and should be considered by the States Assembly this week.
Pictured: Developers are awaiting planning consent to start clearing buildings on the site to make way for hundreds of homes, retail and commercial spaces, parking, and recreation areas.
Deputies were supposed to vote on the principle of investing in this way at the Bridge at the start of the ongoing States debate, but government business was reordered to allow the landmark tax, spending, and borrowing debate to be considered first.
Due to that, Deputies Taylor and St Pier said “without this amendment, the States will potentially allocate £35m funds to a project without any formal framework or direction.
“To date, members have not been appraised in any meaningful information regarding this substantial addition to the capital portfolio - representing approximately 18%, 8% & 7% of Portfolios 1, 2 & 3 respectively.
“Information has been provided in small drips without any collated resource upon which to base a decision or refer back for information."
They added that P&R President, Deputy Peter Ferbrache wrote to deputies last month laying out “due diligence points”, and these are the basis of the investigations they hope will be agreed by the States.
“Entering into a development of this value is likely to be incredibly complex for both the States and the developer, therefore, to secure the very best deal for taxpayers, it is appropriate that States Members are appropriately briefed and fully assured as to the breadth and depth of due diligence that is in hand,” their amendment concludes."
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