Noble property subdivision —DELTA #LGOIMA

Received from Lee Vandervis
Mon, 20 Jul 2015 at 10:06 p.m.

█ Message: I am chasing answers to many questions regarding the Noble subdivision. Two LGOIMA ‘answers’ appear below.
Cheers, Lee

—— Forwarded Message
From: Sandy Graham [DCC]
Date: Mon, 6 Jul 2015 01:58:34 +0000
To: Lee Vandervis
Cc: Sue Bidrose [DCC], Graham Crombie [DCHL], Grant McKenzie [DCC]
Subject: Nobel Subdivision

Dear Lee

I refer to your request for information related to the Nobel Subdivision and respond as follows:

Q1. Can you please supply details and quantify the likely cost of the Delta/DCC exposure to the mortgagee sale of the Nobel Subdivision.
There is a very limited risk to Delta/DCC by way of mortgagee sale. There is however some financial exposure related to the subdivision and this was reflected in Delta’s Annual report for the 2014 financial year.

Q2. Can you please confirm the contractual details [preferably provide copies of the original and any subsequent contracts] that have led to our enormous exposure with the Nobel development.

All contractual details are withheld pursuant to section 7 (2)(h) of LGOIMA to protect the commercial position of Delta and further withheld pursuant section 7(2)(i) of LGOIMA to enable Delta without prejudice, to carry on negotiations.

When considering the request, the public interest was considered. This matter is currently before the Court in an effort to minimise any financial loss to the shareholder. We consider that protecting the legal position best meets the public interest at this time.

Given we have withheld information, you are entitled to a review of this decision by the Office of the Ombudsman.

I have cc’ed the original recipients of your request and the Acting CEO.

Regards
Sandy

Sandy Graham
Group Manager Corporate Services
Dunedin City Council

—— End of Forwarded Message

Note: Noble has been incorrectly entered as ‘Nobel’ by Ms Graham and Cr Vandervis in this exchange. -Eds

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Posted by Elizabeth Kerr