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Category: Regional Development / Urban Development and Planning / Retail

Funding for first stage of new Devonport development announced

Wednesday, 24 Feb 2016 06:24:19 | Damian McIntyre

Devonport Mayor Steve Martin is confident the council can service its $39 million loan. (Supplied)

The Devonport City Council's plan to transform the city has moved a step closer with the funding model for stage one announced.

The $250 million Living City Master Plan involves the creation of new retail, business and waterfront precincts to stimulate economic activity.

Stage one will cost about $70 million, with $10 million coming from the Federal Government, $12 million from the State Government and $11 million from council cash reserves.

The remaining $39 million will be borrowed.

Devonport Mayor Steve Martin told ABC Northern Tasmania it was not a risk to borrow that amount of money.

"Through our long-term financial planning it shows that it is sustainable from the revenue generated from our lease arrangements with the new cafes and market square etcetera, car parking as well," he said.

The first stage will include a four-level multi-purpose civic building, a food pavilion, multi-level car park and a market square.

The new civic building will house LINC facilities, Service Tasmania, Council offices and an 800-seat conference centre.

Alderman Martin said the council would delay the construction of the $8 million food pavilion if the leases were not taken up.

"If we haven't secured the leases we won't be going ahead with that construction of the food pavilion, so we're taking it on solid ground every time we take a step forward," he said.

Public consultation is now open and construction could start within weeks.

AustraliaPlus


 

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