Council receives interest-free loan
Tuesday, 26 January 2010
Port Macquarie-Hastings Council has received $9.3 million funding from the State Government to assist with two major infrastructure projects in Port Macquarie.
The funding in the form of an interest-free loan is part of the Government's Local Infrastructure Fund which aims to assist high growth council areas.
Council Administrator Garry Payne said, "The interest free loan is very welcome and will enable Council to undertake two major projects in the Hastings.
$7,959,000 million will be spent on water supply infrastructure for Area 14 and $1,350,000 will be used to upgrade Major Inness Road.
"The interest-free loans will help Council to undertake these works, which otherwise would not have been possible for some time due to Council's current financial position.
"The identified infrastructure works are both in high growth areas and will assist Council with further developing these locations to the south and west of Port Macquarie.
"Projects have to be completed within 18 months of the loan being issued and the loans must be repaid within 10 years.
"This is a great opportunity for Council and will prove to be beneficial to our local community by fast tracking future urban development.
"I'd like to thank the State Government for their assistance in providing the interest-free loans," Mr Payne said.