Project Development Agreement
The Project Development Agreement is the contract between the NSW Government represented by the Barangaroo Delivery Authority and the developer of Barangaroo South, Lend Lease (Millers Point) Pty Ltd. The obligations of Lend Lease are guaranteed by Lend Lease Corporation Limited, the ultimate parent company of the Lend Lease Group.
The Agreement was signed by the Authority and Lend Lease on 5 March 2010. It remained conditional until 22 June, when a range of conditions were satisfied by Lend Lease.
The Agreement allows Lend Lease to develop leasehold buildings on Barangaroo South. Commercial, retail and residential buildings on Barangaroo South will be subject to 99 year leases. The public domain within Barangaroo South will be retained in public ownership for the benefit the people of New South Wales. The Agreement also guarantees that the land title to Barangaroo South always remains in public ownership.
The Authority released the Agreement in line with the obligations of the Government Information (Public Access) Act 2009.
The Authority is committed to sharing government information with the community and has proactively released information and documents that it believes may be of interest to the community. As part of this commitment and the Authority's ongoing GIPA obligations in respect of disclosures of the Development Agreement the Development Agreement has been reviewed in light of the release of the Auditor General's report and other information which is now in the public domain. As a result of this review the Authority has determined that previously undisclosed information can now be disclosed.
The further disclosures comprise:
the disclosure of clause 4.3 which generally states that fixed payments can be accelerated in certain circumstances;
the disclosure of the spilt of the value share in clause 4.3.