MEETING OF COUNCIL - Town of Cambridge
MEETING OF COUNCIL - Town of Cambridge
MEETING OF COUNCIL - Town of Cambridge
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<strong>COUNCIL</strong><br />
27 NOVEMBER 2012<br />
borne by Landcorp or the State in providing this advance payment are not included in<br />
the project's cost base (ie not deducted from the <strong>Town</strong>'s share <strong>of</strong> the net proceeds).<br />
This advance is to be netted <strong>of</strong>f from any future payments made to the <strong>Town</strong>.<br />
This advance is not to be dependent on resolution <strong>of</strong> the land transfer issue contained<br />
in Principles 1 and 2.<br />
Principle 5<br />
Upon approval <strong>of</strong> the Structure Plan by the Western Australian Planning Commission, a<br />
market value <strong>of</strong> the project will be provided by Landcorp. The <strong>Town</strong> may elect, at its<br />
sole discretion, to receive 60% <strong>of</strong> this market value (net <strong>of</strong> costs incurred to date by<br />
Landcorp) and have no further claims on the project returns.<br />
Principle 6<br />
The <strong>Town</strong> supports the principle that Landcorp will undertake development and sales <strong>of</strong><br />
the land, funding all planning and development costs and recovering these costs from<br />
the gross proceeds <strong>of</strong> the project. The structure <strong>of</strong> this agreed cost base will be<br />
developed during the drafting <strong>of</strong> the Development Agreement.<br />
Any costs incurred as result <strong>of</strong> State taxes or duties are recognised as internal State<br />
transfers and set aside from the project costs.<br />
Principle 7<br />
The <strong>Town</strong> has as an objective that the minimum number <strong>of</strong> dwellings in this project shall<br />
be 200 dwellings. The Development Agreement is to include provisions to alter this<br />
figure by mutual consent.<br />
It is anticipated that the Development Agreement should be ready for execution within 3 to 4<br />
months. It is proposed that Council endorse this Heads <strong>of</strong> Agreement allowing the<br />
Administration to finalise and enter into the Development Agreement with LandCorp.<br />
It is also proposed that works commence to set in place the necessary Planning Approvals,<br />
leading to the development <strong>of</strong> an approved Structure Plan for the site. This phase will include<br />
community consultation regarding the nature <strong>of</strong> the development.<br />
POLICY/STATUTORY IMPLICATIONS:<br />
The agreement with LandCorp for the development <strong>of</strong> this site complies with the Local<br />
Government Act. A Business Plan in accordance with s3.59 <strong>of</strong> the Act has been approved by<br />
Council.<br />
FINANCIAL IMPLICATIONS:<br />
Execution <strong>of</strong> the Development Agreement will provide the <strong>Town</strong> with an initial $5 million benefit<br />
which would be used to fund the Wembley Sports Park works approved by Council.<br />
STRATEGIC DIRECTION:<br />
Development <strong>of</strong> this land is within the <strong>Town</strong>'s objectives <strong>of</strong> creating communities <strong>of</strong> choice.<br />
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