MEETING OF COUNCIL - Town of Cambridge

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COUNCIL 27 NOVEMBER 2012 borne by Landcorp or the State in providing this advance payment are not included in the project's cost base (ie not deducted from the Town's share of the net proceeds). This advance is to be netted off from any future payments made to the Town. This advance is not to be dependent on resolution of the land transfer issue contained in Principles 1 and 2. Principle 5 Upon approval of the Structure Plan by the Western Australian Planning Commission, a market value of the project will be provided by Landcorp. The Town may elect, at its sole discretion, to receive 60% of this market value (net of costs incurred to date by Landcorp) and have no further claims on the project returns. Principle 6 The Town supports the principle that Landcorp will undertake development and sales of the land, funding all planning and development costs and recovering these costs from the gross proceeds of the project. The structure of this agreed cost base will be developed during the drafting of the Development Agreement. Any costs incurred as result of State taxes or duties are recognised as internal State transfers and set aside from the project costs. Principle 7 The Town has as an objective that the minimum number of dwellings in this project shall be 200 dwellings. The Development Agreement is to include provisions to alter this figure by mutual consent. It is anticipated that the Development Agreement should be ready for execution within 3 to 4 months. It is proposed that Council endorse this Heads of Agreement allowing the Administration to finalise and enter into the Development Agreement with LandCorp. It is also proposed that works commence to set in place the necessary Planning Approvals, leading to the development of an approved Structure Plan for the site. This phase will include community consultation regarding the nature of the development. POLICY/STATUTORY IMPLICATIONS: The agreement with LandCorp for the development of this site complies with the Local Government Act. A Business Plan in accordance with s3.59 of the Act has been approved by Council. FINANCIAL IMPLICATIONS: Execution of the Development Agreement will provide the Town with an initial $5 million benefit which would be used to fund the Wembley Sports Park works approved by Council. STRATEGIC DIRECTION: Development of this land is within the Town's objectives of creating communities of choice. H:\Ceo\Gov\Council Minutes\12 MINUTES\November 2012\E Item 10 Onwards.docx 223
COUNCIL 27 NOVEMBER 2012 COMMUNITY CONSULTATION: It is considered that the adoption of the Heads of Agreement and Development Agreement does not require further community consultation, as the Business Plan statutory advertising process outlined the basis of the agreement and Council has considered submissions on this matter. ATTACHMENTS: 1. Heads of Agreement for development of the Former Nursery Site (Confidential) Council Meeting 27 November 2012 Moved by Cr Bradley, seconded by Cr Langer That discussion of the item be regarded as confidential and be held behind closed doors in accordance with Section 5.23(2)(c) and (e) of the Local Government Act 1995. Carried 8/0 ADMINISTRATION RECOMMENDATION: Moved by Cr Pelczar, seconded by Cr Bradley That:- (i) (ii) (iii) (iv) (iv) the Heads of Agreement with LandCorp regarding the Former Nursery Site be endorsed by Council; authority be given to the Chief Executive Officer to execute the Heads of Agreement with LandCorp; the Chief Executive Officer be authorised to finalise the Development Agreement for the Former Nursery Site with LandCorp; the Mayor and Chief Executive Officer be authorised to sign and seal the final Development Agreement for the Former Nursery Site; and formal planning be commenced for the development of the Former Nursery Site. Amendment Moved by Cr Pelczar, seconded by Cr Bradley That clauses (i), (ii) and (iii) of the motion be amended to read as follows:- (i) (ii) the Heads of Agreement with LandCorp regarding the Former Nursery Site be endorsed by Council subject to amendment of the Agreement such that if the Agreement is terminated, the Town is under no obligation to make any payment to LandCorp unless and until the site is transferred back to the Town; the Chief Executive Officer be authorised to finalise the Development Agreement for the Former Nursery Site with LandCorp consistent with the intent of the Heads of Agreement; H:\Ceo\Gov\Council Minutes\12 MINUTES\November 2012\E Item 10 Onwards.docx 224
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MEETING OF COUNCIL - Town of Cambridge

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