The Corporate Services Scrutiny Panel at the States of Jersey has published the Terms of Reference for its Review into the planned Jersey International Finance Centre.
Having established the framework for its detailed Review, the Panel will now focus on evidence gathering. In addition to welcoming written submissions from stakeholders and any interested groups or individuals, the Panel intends to hold Public Hearings with key stakeholders and will announce details as arrangements are made.
Progress of the Review can also be followed on the Scrutiny website – www.scrutiny.gov.je.
The Legacy Report of the previous Corporate Services Scrutiny Panel included a recommendation for a Review in relation to the States of Jersey Development Company and the ‘Esplanade Quarter’. The Panel unanimously agreed that the matter remains of significant public interest and that it would therefore carry out a Review as recommended.
Chairman of the Corporate Services Scrutiny Panel, Deputy John Le FondrÉ, said: “We are very pleased to announce the Terms of Reference for this Review and begin our evidence gathering, as this is a matter that continues to be of significant public interest. Whilst we will be targeting certain key stakeholders to seek information and views, we would welcome written submissions from anybody with a particular interest on the planned development within the Esplanade Quarter.’’
The Terms of Reference are as follows:
1. To consider whether the 2008 Masterplan for the Esplanade Quarter continues to represent the best socio-economic value to the States of Jersey on behalf of the public of the island.
2. To assess the commercial viability of the implementation of the 2008 Masterplan for the Esplanade Quarter, with particular reference as to whether the Minister for Treasury and Resources/SoJDC have appropriately undertaken:
I. An up-to-date assessment of the benefit to the island of the proposed Jersey International Finance Centre
II. An up-to-date assessment of whether the external market has changed from earlier analysis regarding the provision of such centres
III. An up-to-date sssessment of the local demand vs supply
IV. An up-to-date assessment of the ability or otherwise of the private sector to deliver such a centre
3. To establish the current position of the Minister for Treasury and Resources/SOJDC regarding the pre-letting of office space prior to construction of the initial buildings of the proposed Jersey International Finance Centre.
4. To examine whether that position is consistent with previously established pre-let conditions, and with comparable market/industry expectations.
5. To assess the Minister for Treasury and Resources’ consideration of financial risk and liability management in relation to the proposed Jersey International Finance Centre (to include the consideration of any such risk in the context of the overall financial position of the States, and also in relation to the proposed capital program).
6. To consider whether there are any other points of note which arise from the examination of the Esplanade Quarter / SOJDC and / or the delivery structure presently envisaged, particularly in the context of previous undertakings, permissions, decisions or approved propositions.
7. To consider recommendations from any previous Scrutiny reports regarding SOJDC or the Esplanade Quarter and assess if they have been implemented, and if not, whether such implementation would still be desirable.