Why council had to pay $2.6m over Grand Central reno
THE Toowoomba Regional Council will fork out $2.6 million to the Queensland Investment Corporation as part of the now-completed redevelopment of Grand Central.
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THE Toowoomba Regional Council will fork out $2.6 million to the Queensland Investment Corporation as part of the now-completed redevelopment of the Grand Central Shopping Centre.
The councillors voted unanimously today to pay the invoice from QIC, which related to an infrastructure agreement the two entities had during the upgrade of the centre.
Under the agreement, the council would pay QIC to complete roadworks on Victoria St as part of the $500 million redevelopment.
In his report, engineering and plumbing services acting manager David Quinlan said the $2.661 million in payments were solely related to works on Victoria St and not the overall project.
"Obligations under Section 10.4 of Schedule One of the 'Grand Central Shopping Centre Redevelopment Project Infrastructure Agreement' include payment by council for works undertaken by QIC in Victoria St," he said.
"Council officers consider that the financial payment for these works is now due and payable by council to QIC.
"The infrastructure agreement refers to a payment of $2.519 million, however the agreement allows for indexing, hence the revised value of the invoice."
The council still held more than $1 million in financial security in case of defects during operation, and would remain until the operational works were completed.
The payment from the council's finance reserve is not part of the 2017/18 annual budget.
The Victoria St section of Grand Central was opened in March last year.
Originally published as Why council had to pay $2.6m over Grand Central reno
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