$50 million Perry Lakes compensation settled

Mayor Simon Withers said, until the announcement, Cambridge was concerned it would not receive the money for many years.

�We didn�t know the timing of the money but now that we know the timing we can bring forward some of the works and firm up plans,� he said.

�It�s a lot of money – we can�t blow it like a lottery winner on five fancy cars.

�Money does burn a hole in your pocket and we need to plan to make sure this money is spent over the long term.�

Mr Withers and chief executive Jason Buckley met with Planning Minister John Day last Tuesday to confirm the details.

The Government took control of the Perry Lakes Stadium development from 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.

Chief executive Jason Buckley said he didn�t think there was much point sitting on the land and not selling it in the near future.

�We�ve got a number of programs that we roll out year to year and we are only able to deliver them based on that year�s income,� he said.

�Now we are able to advance them because we�ve got this large amount of money.

�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.�