MEETING OF COUNCIL - Town of Cambridge

COUNCIL MINUTES
TUESDAY 27 NOVEMBER 2012
August 2011 June 2012
Project Duration: 13 Years (2012-2025) 13 Years (2012-2025)
No of Lots: 2,310 2,351
Gross Income: $669.5 million $674.3 million
Development Costs: $357.6 million $366.1 million
Net Profit: $311.9 million $308.2 million
Town of Cambridge Share*: $26 million $26 million
* This is not the net present value.
The first few years of the project cashflow produces the following cash outflows/inflows,
which allow Owner’s capital and profit distributions to commence:-
2012 2013 2014 2015
Cumulative net inflow/(outflow) -$12.6 million -$0.9 million $7.1 million $14.9 million
Capital Distribution* $7.0 million $6.3 million
Profit Distribution
$8.7 million
Town of Cambridge share $585,000 $1.25 million
* Note, the owners have injected initial equity into the project from the proceeds from an agreement with the State
Government, which returned developable land to the State for ‘Bush Forever’.
DETAILS:
Business Report
The meeting of the TPRC noted the progress on lot creation with a brief outline of civil works
components to date;
Civil Works
Stage Status Lots Titles Issued
Neerabup Rd 95% complete n/a n/a
intersection
Stage 2
Practical
38 October 2012
Completion
Stage 3 85% Complete 43 November 2012
Stage 4 20% Complete 48 February 2013
Stage 6A 90% Complete 8 December 2012
Bulk Earthworks
Stage
Status
Stage 5
15% Complete
Stage 7
Delayed
Landscaping Works
Stage
Status
Drainage Basin &
Neerabup Rd
Works delayed 2
weeks
Lot 1 Entry Works deferred
Statement
Stage 1b POS Works delayed 2
weeks
Clearances for Stage 1B comprising 11 cottage lots have been obtained and titles are
expected to be issued shortly.
Clearances for Stage 2 comprising 38 lots have been obtained and titles are expected to be
issued shortly.
H:\CEO\GOV\COUNCIL MINUTES\12 MINUTES\NOVEMBER 2012\C CR.DOCX 189