Council Minutes - Town of Cambridge

COUNCIL MINUTES
TUESDAY 28 AUGUST 2012
CR12.126 FORMER NURSERY SITE JOLIMONT - ADVERTISING BUSINESS PLAN
PURPOSE OF REPORT:
To seek Council approval to advertise the Business Plan regarding the disposition of land
known as the Former Nursery Site on Salvado Road, Jolimont.
BACKGROUND:
Council considered, in a Confidential Report (CR 13.1 of Meeting 27 March 2012), principles
that would be acceptable to enter into an agreement with Landcorp for the disposition and
development of the site commonly known as the former Nursery Site in Salvado Road,
Jolimont.
These principles formed the basis of a submission to State Cabinet by the Minister for
Regional Development and Lands. This submission has been approved by Cabinet and will
result in Landcorp undertaking the development of the site for residential purposes, with the
Town and Landcorp sharing in the net project returns.
Fundamental to this arrangement will be the action of the Town of Cambridge transferring
the title for the land to Landcorp to allow the development to proceed. This is subject to
receiving advice that the taxation implications of this action place the Town in a no worse
financial position as if it undertook the development itself. If not, the Town may retain the
land during the project with Landcorp acting as its agent to manage the development and
sell the land. To undertake the proposed land transaction, the Town must prepare, advertise
and consider responses to a Business Plan for this matter in accordance with s3.59 of the
Local Government Act 1995 prior to entering into a development agreement with Landcorp.
DETAILS:
S3.59 of the Local Government Act details the requirements regarding commercial
undertakings including the disposal of land. A business plan must be prepared in
accordance with the Act and Regulations, advertised and then considered by Council prior to
entering into the commercial transaction.
A summary of the project plan is as follows:
• A development agreement will be created which outlines the conditions precedent
and terms under which the project will be developed;
• The Nursery Site will be subdivided from Lot 520, which encompasses Henderson
Park, the Nursery Site and Wembley Sports Park, to allow creation of a stand alone
title;
• Potentially the titled land will be transferred for a nominal sum to Landcorp, including
the existing trust covenant;
• The trust will be removed, facilitating planning and development of the site by
Landcorp;
• Net proceeds from this development will be shared 60/40 in favour of Town of
Cambridge;
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