MEETING OF COUNCIL - Town of Cambridge

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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
COUNCIL MINUTES TUESDAY 27 NOVEMBER 2012 Lifting of Urban Deferred Zoning The Western Australian Planning Commission has approved the lifting of the urban deferment of that portion of the Tamala Park project which is outside the 500 metres buffer zone from the current operating face of the MRC landfill site. Attached is a plan showing the area zoned Urban from the MRS (lighter shade). It comprises approximately 12.11 hectares which can now be developed for residential purposes. H:\CEO\GOV\COUNCIL MINUTES\12 MINUTES\NOVEMBER 2012\C CR.DOCX 190
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Council Minutes 27 NOVEMBER 2012
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COUNCIL MINUTES TUESDAY 27 NOVEMBER
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MEETING OF COUNCIL - Town of Cambridge

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