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Ordinary Meeting <str<strong>on</strong>g>of</str<strong>on</strong>g> Council - <strong>26</strong> April <strong>2005</strong> 14 / 6<br />

Item 14<br />

S02285<br />

29 March <strong>2005</strong><br />

New Market Rental Valu<strong>at</strong>i<strong>on</strong> <str<strong>on</strong>g>to</str<strong>on</strong>g> <str<strong>on</strong>g>be</str<strong>on</strong>g> undertaken after 10 years<br />

** Please note PRMF applicable from Year 11 <strong>on</strong>wards – see note <str<strong>on</strong>g>be</str<strong>on</strong>g>low **<br />

Year Reb<strong>at</strong>e Level CPI CMV (excl GST)<br />

With CPI increase<br />

**Year 11 85% 1.033 $13,282<br />

Year 12 85% 1.033 $13,721<br />

Year 13 85% 1.033 $14,173<br />

Year 14 85% 1.033 $14,641<br />

Year 15 85% 1.033 $15,124<br />

CMV<br />

Including GST<br />

Licence fee<br />

Per year<br />

$14,611<br />

$2,191.59<br />

$15,093<br />

$2,<strong>26</strong>3.91<br />

$15,591<br />

$2,338.62<br />

$16,105<br />

$2,415.79<br />

$16,637<br />

$2,495.51<br />

TOTAL $11,705.42<br />

New Market Rental Valu<strong>at</strong>i<strong>on</strong> <str<strong>on</strong>g>to</str<strong>on</strong>g> <str<strong>on</strong>g>be</str<strong>on</strong>g> undertaken after 15 years<br />

Year 16<br />

Year 17<br />

Year 18<br />

Year 19<br />

Year 20**<br />

80%<br />

80%<br />

80%<br />

80%<br />

80%<br />

1.033<br />

1.033<br />

1.033<br />

1.033<br />

1.033<br />

$15,623<br />

$16,139<br />

$16,672<br />

$17,222<br />

$17,790<br />

$17,186<br />

$17,753<br />

$18,339<br />

$18,944<br />

$19,569<br />

$3,437.15<br />

$3,550.58<br />

$3,667.75<br />

$3,778.78<br />

$3,913.81<br />

TOTAL $18,348.07<br />

Current Market Rental Valu<strong>at</strong>i<strong>on</strong> after 5 years<br />

Note – Assuming CPI is 3.3% per year (subject <str<strong>on</strong>g>to</str<strong>on</strong>g> change)<br />

Note: PRMF = Public Reserve Management Fund - <strong>on</strong>ly applicable <strong>on</strong>ce net rental <str<strong>on</strong>g>to</str<strong>on</strong>g> Council is<br />

gre<strong>at</strong>er than $2,000.00 per annum<br />

CONSULTATION WITH OTHER COUNCIL DEPARTMENTS<br />

In the prepar<strong>at</strong>i<strong>on</strong> <str<strong>on</strong>g>of</str<strong>on</strong>g> this report, Open Space has liaised with Finance and Business Development <strong>on</strong><br />

the proposed licence terms and c<strong>on</strong>diti<strong>on</strong>s.<br />

SUMMARY<br />

It is proposed th<strong>at</strong> Council enter in<str<strong>on</strong>g>to</str<strong>on</strong>g> a licence agreement with St Ives Rugby Club for a period <str<strong>on</strong>g>of</str<strong>on</strong>g><br />

twenty years subject <str<strong>on</strong>g>to</str<strong>on</strong>g> the c<strong>on</strong>diti<strong>on</strong>s outlined in the Draft Heads <str<strong>on</strong>g>of</str<strong>on</strong>g> Agreement and in accordance<br />

with the Local Government Act (1993) <str<strong>on</strong>g>to</str<strong>on</strong>g> formalise the Rugby Club’s existing utilis<strong>at</strong>i<strong>on</strong> <str<strong>on</strong>g>of</str<strong>on</strong>g> the<br />

facility.<br />

The Clubhouse facility is <strong>on</strong> community land which is governed by the Sportsground Plan <str<strong>on</strong>g>of</str<strong>on</strong>g><br />

Management. The Plan authorises leases or licences <str<strong>on</strong>g>of</str<strong>on</strong>g> land c<strong>at</strong>egorised as Sportsground, as<br />

resolved by Council 24 June 2003.<br />

The St Ives Rugby Club is an establish Club with over 630 mem<str<strong>on</strong>g>be</str<strong>on</strong>g>rs. The Club has occupied the<br />

site since 1956 and is keen <str<strong>on</strong>g>to</str<strong>on</strong>g> formalise their c<strong>on</strong>tinued usage by their agreement with Council <str<strong>on</strong>g>to</str<strong>on</strong>g><br />

N:\0504<strong>26</strong>-OMC-SR-03039-HASSELL PARK OVAL CLUBHOU.doc/plee /6

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