Incentives package offers stimulus for jobs, investment
Date published: 11 November 2015
Townsville’s development incentives have attracted hundreds of millions of dollars in new projects in the city’s CBD over the past five years and more are in the pipeline.
A report presented to the Townsville City Council’s Planning and Development Committee today outlined the success of the incentives since they were introduced in 2011 to drive economic activity.
The original CBD Development Incentives Program facilitated $238 million in completed projects, and the current Townsville Jobs and Investment Package introduced in July this year has attracted three new developments.
Committee chairman Cr Tony Parsons said the incentives packages provided a vital stimulus for new development and construction in the city.
"The incentives package is absolutely critical for attracting new jobs and investment for Townsville, particularly in these tough economic conditions," Cr Parsons said.
"Providing concessions has been the difference between some projects going ahead or being mothballed.
"It’s important for jobs and the local economy that the city is offering incentives for development and investment opportunities at a time when we need it most."
Today’s committee meeting backed a staff recommendation to slightly amend the boundary of the current defined area for the Jobs and Investment Package to bring it in line with the area zoned Principal Centre CBD in new Townsville City Plan.
The change will ensure a small area of the principal zone bounded by Walker, Blackwood and Sturt Streets, currently outside the incentives area, is included.
Townsville’s original CBD Development Incentives Program (capped at $7.5 million) provided concessions to 12 qualified projects that met the requirements of being $3 million or more in value and substantially completed by June 2015.
The current Jobs and Investment Package (capped at $5million) offers a new round of incentives to attract new residential and retail development in the city’s CBD.
Current qualified projects include City Arcade/City Lane/Woolworths in Flinders Street (commenced), McDonalds in Ogden Street, and Central Piccadilly in Flinders Street (yet to start).
