Barangaroo Stage 1 Project Development Agreement - Barangaroo Stage 1 Project Development

Not Applicable

$0.00 (Goods or services supplied)

There are provisions in the Project Development Agreement under which the amount payable to the contractor may be varied. Howeverm these have been identified as commercially senstitive provisions for the reasons set out in the table published by the Authority on its website (www.barangaroo.com) which references those provisions of the Project Development Agreement which are not disclosed.

Multi-Stage

Not Applicable

Clause 20.6 provides for good faith negotiations between the parties if there are changes to the location or size of the infrastructure for the proposed Sydney Metro from those contemplated as at 9 November 2009 and those changes have an adverse effect on the financial return to the Developer or the timing and delivery of works.

Clause 57.6 provides that the Project Development Agreement or a right created under it, may not be varied except in writing signed by the party or parties to be bound. 

No

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The project involves the Developer delivering certain public domain and infrastructure to the Authority, including landside ferry infrastructure and works on the seawall and the public promenade.  These assets will transfer to the Authority as construction progresses.

Economic ownership of other buildings and infrastructure will transfer to the Authority following termination of the leases granted to nominees of the Developer.

As described above, following the completion of buildings, leases will be granted by the Authority to the nominees of the Developer.  The date for the grant of the leases is dependent on completion of the buildings. 

A detailed evaluation of the commercial aspects of the Project Development Agreement was undertaken during the tender process.

The Authority undertook a pre tender financial model and feasibility valuation of the site for planning and assessment purposes.  This undertaking was in addition to the independent valuation for carrying value in the financial statements of the Authority.

The Authority determined that a tender by way of a Request for Detailed Proposals would deliver superior value for money over other delivery methods.

The full base case financial model is commercial-in-confidence.

A risk allocation schedule which generally reflects the risks allocated to each of the parties, is attached to the Project Development Agreement (refer to the Authority’s web site for the published copy of the Project Development Agreement) as Annexure Q.

The Guarantor guarantees to the Authority the performance of the Developer's obligations under the Project Development Agreement.

The Developer has also provided a bank guarantee by way of security for the payment of certain fixed payments.

The Developer is required to provide further bank guarantees, before commencing works:

(a)        on a development site; and

(b)        on public works or infrastructure.

Refer to the published copy of the Project Development Agreement which is available on the Authority’s web site.

The Authority has published a copy of the Project Development Agreement on its website, but has redacted the parts of the Project Development Agreement which are exempt from publication under section 32. 

Section 32 exempts from publication:

(a)                        the commercial-in-confidence provisions of a contract;

(b)                        details of any unsuccessful tender;

(c)                        any matter that could reasonably be expected to affect public safety or security; or

(d)                        a copy of a contract, a provision of a contract or any other information in relation to a contract that is of such a nature that its inclusion in  a record would result in there being an overriding public interest against disclosure of the record.

The commercial-in-confidence provisions of a contract are:

(e)                        the contractor's financing arrangements;

(f)                         the contractor's cost structure or profit margins;

(g)                        the contractor's full base case financial model;

(h)                        any intellectual property in which the contractor has an interest; or

(i)                         any matter the disclosure of which would place the contractor at a substantial commercial disadvantage in relation to other contractors or potential contractors, whether at present or in the future (see clause 1, Schedule 4). 

Variations to the Project Development Agreement have been made by way of the following:

(j)                         the Project Management Agreement dated 1 April 2010;

(k)                        the First Amending Deed dated 8 June 2010;

(l)                         the Second Amending Deed dated 30 July 2010;

(m)                       the Third Amending Deed dated 23 December 2010;

(n) the Fourth Amending Deed dated 14 June 2012; and

(o) the Fifth Amending Deed dated 27 May 2015.

Project Management Agreement

A summary of the variations made to the Project Development Agreement as a result of entry into the Project Management Agreement are shown on the Authority's website. 

First Amending Deed

The Authority has published a copy of the First Amending Deed on the Authority's website, but has redacted the parts of that deed which are exempt from publication under section 32. 

The Authority has prepared a table (published on the Authority’s website www.barangaroo.com) which references those provisions of the First Amending Deed which have not been included as they fall within the section 32 exemptions.  If the exemptions cease to apply, the provisions of the First Amending Deed which have not been disclosed will be disclosed. 

Second Amending Deed

The Authority has published a copy of the Second Amending Deed on the Authority's website, but has redacted the parts of that deed which are exempt from publication under section 32. 

The Authority has prepared a table (published on the Authority’s website www.barangaroo.com) which references those provisions of the Second Amending Deed which have not been included as they fall within the section 32 exemptions.  If the exemptions cease to apply, the provisions of the Second Amending Deed which have not been disclosed will be disclosed. 

Third Amending Deed

The Authority has published a copy of the Third Amending Deed on the Authority's website, but has redacted the parts of that deed which are exempt from publication under section 32. 

The Authority has prepared a table (published on the Authority’s website www.barangaroo.com) which references those provisions of the Third Amending Deed which have not been included as they fall within the section 32 exemptions.  If the exemptions cease to apply, the provisions of the Third Amending Deed which have not been disclosed will be disclosed. 

Fourth Amending Deed

The Authority has published a copy of the Fourth Amending Deed on the Authority's website, but has redacted the parts of that deed which are exempt from publication under section 32.

The Authority has prepared a table (published on the Authority’s website www.barangaroo.com) which references those provisions of the Fourth Amending Deed which have not been included as they fall within the section 32 exemptions. If the exemptions cease to apply, the provisions of the Fourth Amending Deed which have not been disclosed will be disclosed.

Fifth Amending Deed

The Authority has published a copy of the Fifth Amending Deed on the Authority's website, but has redacted the parts of that deed which are exempt from publication under section 32.

The Authority has prepared a table (published on the Authority’s website www.barangaroo.com) which references those provisions of the Fifth Amending Deed which have not been included as they fall within the section 32 exemptions. If the exemptions cease to apply, the provisions of the Fifth Amending Deed which have not been disclosed will be disclosed.

The Authority has prepared a table (published on the Authority’s website www.barangaroo.com) which references those provisions of the Project Development Agreement which have not been included, as they fall within the section 32 exemptions.  If the exemptions cease to apply, the provisions of the Project Development Agreement which have not been disclosed will be disclosed. 

The Authority has prepared a table (published on the Authority’s website www.barangaroo.com) which references those provisions of the Project Development Agreement which have not been included, as they fall within the section 32 exemptions