Pittwater Wins Subsidy On New Car Park
The NSW Government has awarded Pittwater Council a significant subsidy on a loan to build the new car park at Bungan Lane in Mona Vale.
The subsidy has been awarded under the government’s Local Infrastructure Renewal Scheme (LIRS).
The subsidy means that the Council will receive around $100,000 a year from the state government on repayments for a $3.3 million loan to build the new car park.
Mayor Harvey Rose said this would effectively mean the Council would only pay 1.5% interest on the loan, an overall saving of 4% interest over the ten year life of the loan.
“This is a great boost for the Council and will hopefully enable us to proceed with both stages of the proposed car park.”
Cost estimates indicated that construction of a five-level car park would be approximately $8 million.
The concept is to construct a three-level car park as a first stage at a cost of $6.9 million, with an option to add two extra levels when further funding becomes available. Work on Stage 1 of the project will get underway in 2014.
“Mona Vale is an important commercial and retail centre that is in a growth phase, both from a business and residential point of view,” Mayor Rose said.
“The car park may provide the impetus for further investment in Mona Vale by supporting this growth.”
17 July 2012
Contact: Paul Reid
Phone: 9970 1102