Sunshine Coast Council will fund a $13m carpark at Maroochydore CBD through borrowings
A new $13m paid parking facility at Maroochydore City Centre was one of the most expensive single projects funded in the 2021-22 budget.
Sunshine Coast
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Borrowing $13m to fund a new paid parking facility at the emerging Maroochydore CBD has been described as “appropriate” by the Sunshine Coast Council.
The multi-deck carpark is the second most expensive single project funded in the 2021-22 budget handed down last Thursday, behind the $45m fit-out of the council’s city hall at the new CBD.
A council spokesman said the project would be funded through borrowings from Queensland Treasury Corporation.
It is on top of the $186m the council has spent on the CBD.
They said the loan would be repaid over 12 years as per usual policy for loans for core Sunshine Coast capital investments.
“This is appropriate for a commercial, revenue earning asset like a multi-deck car park,” he said.
“As the emerging commercial heart of the Sunshine Coast, it is widely recognised that parking is at a premium in the centre of Maroochydore.”
He said the council’s intention was for the loan, interest and operating costs to be funded by paid parking revenue, similar to the model used for the Mooloolaba Park ‘n’ Go.
The council’s debt of about $634m was made up of $339m long term and $294.5m short term borrowings.
The 2021-22 budget agenda document revealed the council had spent $186m to date on the Maroochydore City Centre, including $22m on design marketing.
The spokesman said the car park was not included in that figure because it was not considered a cost to the Maroochydore City Centre project as it was an obligation of the infrastructure agreement.
The 53 hectare former Horton Park golf course site was last year handed to Walker Corporation with the company taking on exclusive development rights.
The council spokesman said under the Maroochydore City Centre Infrastructure Agreement the council had “a number of residual obligations” which included the multi-deck car park.
He said the paid parking rates would be determined at a future council meeting.
Originally published as Sunshine Coast Council will fund a $13m carpark at Maroochydore CBD through borrowings
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