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❓ WA Parliamentary Question on Notice regarding the sale of Elizabeth Quay lots to Chevron, including payment details, title issuance, and potential repurchase clauses.

AnsweredQoN 3947Legislative Assembly

Asked

21 April 2015

Member

Mr W.J. Johnston

Portfolio

Planning

QuestionView source ↗

I refer to the sale of lots in Elizabeth Quay to Chevron, as reported in the media, and I ask: (a) has Chevron paid for these lots, and if so, on what date or dates was the payment or were the payments made, and how much was each payment; (b) has title for the lots been issued to Chevron, and if so, on what date was titled issued; (c) if payment has been made by Chevron to the Government, is there any mechanism by which Chevron can require the Government to re-purchase the lots, and if yes, what is this mechanism; and (d) if payment has not been made by Chevron to the Government, are there any circumstances in which Chevron can refuse to complete the purchase, and if yes, what are these circumstances?

AnswerView source ↗

Answered

20 May 2015

Responded by

Minister for Planning

Response time

29 days

(a) Yes. On 16 December 2013 a payment of $70,400,000 (including GST) was made.
(b) Yes, on 16 December 2013.
(c) There are obligations in the Project Development Agreement (contract) between Chevron and the Metropolitan Redevelopment Authority (MRA) that requires each party to meet certain milestones and contractual requirements. If contractual milestones and requirements are not achieved, there is provision for the MRA to repurchase the lots for the lesser of market value or repurchase price (less costs).
(d) Not applicable

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