Council extends incentives for development
IN GREAT news for those looking to invest in the region, the Bundaberg Open for Development incentive package has been extended due to its massive success.
Applications for the Infrastructure Charges Incentives Scheme opened on July 19 last year and were scheduled to close on December 22 while incentivised developments had until July 19 next year to be completed to receive the offered discounts.
As of November 30, Bundaberg Regional Council had received 117 applications for incentives, 107 of which met the eligibility criteria.
Should all the incentivised developments be completed, the council estimates it would result in $233.5 million investment in building and civil works; 324 new residential units; 643 new residential lots; 397 short-term accommodation beds; and a total discount off infrastructure charges of $12.5 million.
At a council meeting yesterday, councillors voted to extend the closing date for applications for the incentives to June 29, 2018; and the completion date for any eligible applications for incentives that are received after December 22, be extended to June 28, 2019.
Urban Development Institute of Australia Bundaberg secretary David Newby welcomed the decision.
"Bundaberg is continuing to grow as a regional hub with one of the key drivers to employment opportunities and economic growth in the region being the sustained and continued growth of the building and development sector," he said.
"The council's commitment to supporting this sector through the extension of the Bundaberg Open for Development 2016 incentives package until June 29, 2019, will assist projects to get off the ground that may have otherwise been unviable.
"The UDIA welcomes an incentives package that will renew confidence and investment interest in the region and provide local employment opportunities."