Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . .

Legislative Assembly for the ACT: 2003 Week 8 Hansard (21 August) . . Page.. 3108 ..

1 residential estate developed by joint venture

1 residential estate developed by the Authority as public sector project

(2) $54,052,5000 residential (Note: These figures do not include revenue for Harrison 1 Estate. They also include only Stage 1A of Yerrabi 2 Estate which involves the settlement of 28 blocks. The remainder of the Estate was yet to settle at the time of the question.)


$17,655,751 commercial.

(3) No.

(4) Two commercial sales, one on Section 13 and one on Section 14, both sold as result of a tender process, did not settle within 56 days. This is due to the complex nature of the tender process and the need to progress the concept plan submitted with Government agencies.


Two commercial sales, both on Section 18 were delayed by up to one month due to site servicing and survey issues. In one case interest was paid by the lessee for the delay in settlement after the lessee was advised that the sale could be settled.


Harrison 1 Estate did not settle due to the developer handing back the Estate to the Authority.

(5) Two sales have incurred formal legal action, the Valley Avenue Estate and Yerrabi 1 Estate.

(6) The outcome of the action on Yerrabi 1 was that the decision to grant the lease was set aside by the ACT Supreme Court after an injunction from an unsuccessful tenderer. The action on Valley Avenue Estate is not concluded at this stage.

(7) Action on Valley Avenue Estate is still pending.

(8)

1997-98 -

$8,260

1998-99 -

$5,100

1999-00 -

$67,573

2000-01 -

$89,365

2001-02 -

($27,516)

2002-03 -

$27,583

Please note: The 2001 figure included an accrual of $70,000. In 2002 only $42,484 was expensed. The subsequent write back from the over estimate resulted in the credit of $27,516.


The high expenditure in 2000 and 2001 was due to legal proceedings brought against the Authority. The expenditure in 2003 includes conveyancing fees for Yerrabi 2 Estate.

(9) The Authority deals with a range of issues with lessees on a regular basis. Under the terms of the Deed of Agreement with the lessee, a dispute process is articulated. Under this provision, two formal disputes, both on Valley Avenue Estate, have occurred.

(10) The disputes have led to legal action which is as yet unresolved.

Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . .