❓ Mr. Johnston inquires about potential clauses in the Elizabeth Quay land sale agreement that would allow Far East Consortium to require the government to repurchase the land. The answer confirms such clauses exist if contractual milestones aren't met, a standard provision in MRA contracts.
AnsweredQoN 3944Legislative Assembly
QuestionView source ↗
I refer to the sale of land at Elizabeth Quay to Far East Consortium and ask are there circumstances where Far East Consortium are able to require the Government to take back this land, and if so, what are these circumstances?
AnswerView source ↗
Answered
20 May 2015
Responded by
Minister for Planning
Response time
29 days
There are obligations in the Project Development Agreement (contract) between Far East Consortium 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). This is standard provision in MRA contracts.
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