$50 million Perry Lakes compensation settled

THE Town of Cambridge and State Government will settle a decade-old $50 million compensation payout to the town with a combination of land and cash.

Mayor Simon Withers and chief executive Jason Buckley met with Planning Minister John Day on Tuesday to confirm the details.

The State Government took control of the Perry Lakes Stadium development from the Town of Cambridge in 2005, with an amendment that guaranteed Cambridge would receive at least $50 million on completion.

Three unsold Perry Lakes apartment lots will be transferred to the Town before June 30 this year and the cash will be paid in the 2016-17 year.

The cash payment will be $50 million less the value of the land as determined by the Valuer General.

The Town will sell the lots in the coming years to complete the development and make up the balance of the $50 million.

Mr Withers said the settlement would bring forward the cash payment to the Town, which could otherwise have taken many years.

�Rates increased by only three per cent last year and even without the Perry Lakes money, future rate increases are likely to be modest thanks to a stream of new developments,� Mr Withers said.

These developments added to the rates base and rates income � reaching a point where they now covered depreciation.

�This is a substantial amount of money, and it must be deployed fairly and for the long term benefit of the Town,� he said.

Chief executive Jason Buckley said that the settlement arrangements would be the final step in concluding the Perry Lakes Stadium redevelopment that has been a significant and divisive issue for the town and its community over many years.

�We will now be able to put this matter behind us and focus on how the financial result can benefit both current and future residents of the Town,� Mr Buckley said.

�The council has a responsibility to manage this money wisely on behalf of the community.�