Disneyland Resort Line (DRL)
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| Date | Context | Summary of development | Action |
|---|---|---|---|
| 99 | - | The Executive Council (ExCo) decided in late 1999 that as part and parcel of the Disney Theme Park development, the Penny's Bay Rail Link (PBRL) should be built and completed in time for the opening of the Theme Park. PBRL would be completed around 2005 to coincide with the opening of the Park. | |
| 9.7.02 | PRESS | The Administration announced that ExCo endorsed a draft Project Agreement on PBRL. [Press release] | |
| 9.7.02 | SUBC* | SUBC discussed with the Administration on the proposed Project Agreement for PBRL. The PBRL scheme, which provided for an approximately 3.5 km long, single-track system, connecting the Tung Chung Line at Yam O and a station at Hong Kong Disneyland (HKD), was one of the project under the Master Project Agreement entered into by the Government, The Walt Disney Company and Hongkong International Theme Parks Limited in 1999 on the development of HKD. [LegCo Brief] | |
| 16.7.02 | SUBC | SUBC continued the discussion with the Administration on PBRL Agreement and the funding arrangement. [Paper]
SUBC also discussed the paper prepared by the Legal Services Division of the Secretariat which provided an analysis on the legal issues relating to the proposed waiver of dividends as a means to finance the construction of the railway. [Paper] SUBC could not reach a consensus view with the Administration over the legal basis for the proposed dividend option, and hence requested the Administration to discuss further with the MTR Corporation Limited (MTRCL) and to defer the execution of Project Agreement for PBRL prior to the completion of the next SUBC's meeting scheduled for 22.7.02. SUBC also passed a motion moved by Hon Andrew CHENG urging the Administration not to execute any agreement relating to PBRL with MTRCL prior to the completion of the meeting to be held on 22.7.02. [Minutes "page 13"] | |
| 22.7.02 | SUBC | SUBC continued the discussion with the Administration on PBRL, particularly the proposed waiver of dividends. [Paper]
Noting the Administration's position to maintain the proposed waiver of dividends, SUBC passed a motion moved by Hon Albert CHAN calling on the Administration not to execute PBRL Agreement, pending further deliberation by SUBC on the proposed dividend waiver of $798 million. [Minutes "page 17"] SUBC also passed another motion moved by Hon LAU Kong-wah calling on MTRCL to provide additional information on the fare level of PBRL and the estimated additional revenue induced by PBRL to the rest of the MTR network. [Minutes "page 17"] | |
| 24.7.02 | SUBC | SUBC continued the discussion with the Administration on the proposed waivers of dividends, as well as the fare level of PBRL, and the estimated additional revenue induced by the PBRL to the rest of the MTR network. [Paper]
Notwithstanding his reservations about the justifications presented by the Administration for the proposed dividend waiver, Hon Abraham SHEK, considered that the early construction of the Project was in line with public interest as it could create much needed employment opportunities in Hong Kong. He therefore proposed a motion urging the Administration to speed up the delivery of PBRL. Hon Albert CHAN considered that the Project should not be given the go-ahead without first establishing the legality of the proposed dividend waiver, and hence proposed a motion urging the Administration not to execute the Project Agreement for PBRL, pending further deliberation by the Finance Committee on the Government's proposal to waive its claim for $798 million worth of dividends that it could otherwise expect to receive as a shareholder from MTRCL from time to time during the next few years. As two motions were inconsistent, SUBC noted that Hon Albert CHAN's motion which was proposed after Hon Abraham SHEK's motion would not be voted on if Mr SHEK's motion was carried. SUBC passed the motion moved by Hon Abraham SHEK. [Minutes "page 14"] | |
| 24.7.02 | PRESS | The Administration announced that the Government and MTRCL entered into the Project Agreement on PBRL. [Press release] | |
| 29.6.04 | SUBC | SUBC discussed with the Administration on the implementation of the railway projects recommended in the Railway Development Strategy 2000. The Administration advised that PBRL would be completed in mid 2005 to serve HKD. [Paper] | A |
| 6.5.05 | SUBC | The Subcommittee discussed with the Administration and the MTRCL the project update and DRL fares. [Paper]
Development to date presented in background brief prepared by the Secretariat. [Paper] | |
| 13.6.05 | SUBC | SUBC discussed with the Administration on the financial arrangement for the DRL. [Paper] |
| MTRCL - Disney Resort Line: | http://www.mtr.com.hk/eng/extensions/lar2_e.htm#1 |
| Management of fiscal reserves and Government investment income
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