Chief Minister Frank Walker confirmed in the States debate last week that heads of terms, which set out the terms of a commercial transaction agreed in principle, between WEB and Harcourt had been signed.
But the heads of terms expire on 30 June, so WEB will need to make a decision to sign the development agreement or extend the contract, otherwise the heads of terms fall away.
During the debate last week Senator Walker said that heads of terms had been signed but the development agreement had not.
This was in response to a question from Deputy Sarah Ferguson after she suggested that Property Holdings carry out a review of the terms of the lease.
At that point in the debate Deputy Geoff Southern called for a suspension because he did not feel that the Assembly had all the financial data in front of them to make an informed decision.
Before States Members voted, Senator Jim Perchard, who has resigned from the WEB board claiming he was misled by Harcourt about the Las Vegas lawsuit and the position of WEB’s chairman, said that the heads of term would fall away unless they were extended by Harcourt and WEB.
‘The heads of terms have been drafted and reviewed by WEB’s own lawyers but the draft means nothing without support of the necessary transfer of land,’ he said.
The Assembly went on to approve the financial section of the deal by 37 votes to five.
