Page 702 - Week 03 - Tuesday, 12 April 1994

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(b) Department of Environment, Land and Planning

(1) Details of joint ventures and directors of the joint venture nominee companies are at Attachment A.

(2) Leigh Osborne and Hans Sommer, who are officers of the Department, represent the Territory on these joint ventures.

(3) Neither Leigh Osborne nor Hans Sommer, members of their families or entities with which they are associated have an interest in the joint ventures or associated companies or other business enterprises.

The officers do not receive any remuneration or other benefits directly or indirectly for their directorships. The officers are indemnified through Directors and Officers Liability Insurance. The joint venture pays 90% of the premium and the remaining portion payable for both officers is paid by the Territory.

(5) Because of the commercially confidential nature of some of the detail in the Joint Venture Agreements, I am not prepared to table the documents in the Assembly. I will arrange for you to be briefed on the documentation if required.

(6) The expected return to the Territory from existing joint ventures, including both land and profit, is approximately $64M.

(7) Joint venture returns to date to the ACT Government for land and dividends for the Tuggeranong estates total $5,096,028. The original projected returns were $4,231,376.

The only return to date to the ACT Government from the other estates is a land payment of $4,900,000. The remaining joint venture returns of approximately $58M will be forthcoming progressively over the next five years.

(8) The alternative method of land development for these estates that was considered was to offer raw land estates to the private sector.

The estimated comparative return to the ACT Government by this method of development for the Tuggeranong estates would have been approximately $2M and the estimated comparative return for the other estates is approximately $27M.

(1) The Canberra Institute of Technology is not involved in any joint ventures as defined under Section 10 of the Canberra Institute of Technology Act 1987. However, the Institute entered into a joint venture agreement, approved by the Minister, with Wang Australia Pty Ltd on 19 September 1990. This agreement expired on 20 September 1993. Details of this agreement as required by the question are as follows:

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