by Mat Churchill

• Federal Government - 3 x $6m payments over 5 years
• State Government - 3 x $6m payments over 5 years

David Marriner has described his proposal to Government to help pay for the refurbishment of the Sheraton Mirage as a no risk way to help secure the future for Port Douglas.

Speaking to around 200 people at his new property last night, Mr Marriner said there was no reason the Government should feel apprehensive about the application for funding.

"We're out there talking with Federal Government about making contributions to what we call our public infrastructure, and this is in fact a $6 million contribution after we are effectively half way through the construction.

"A second payment 21 days after practical completion, and a third payment only comes into play after we've achieved the three data points, or hurdles, that are part of our long-term agreement.

"So they contribute $18 million roughly over a five year period...We're able to demonstrate to Government a very early repayment."

This repayment is estimated to be within four years.

"I was always trained that the one that has the least risk is in fact the person who has got the last money in.

"We've said to Government 'you only come in when we've achieved our hurdles, we've built the infrastructure, we've taken the development risk, and I have to say that there is no better framework for the Government to participate in the project."

"If we breach or fail to perform, we lose $10m, we lose all of our land, and the Government retrieves the infrastructure in full.

"Given that the Government commits and steps up to the mark for this region we do one other important thing - we say 'we will spend $40 million of our own money to refurbish this asset'.

"So it's my personal view that that's a winner for everybody in this town that's in tourism particularly, or in the service industry, and I'm sure it's going to make a significant impact to the unemployment of this town."

Mr Marriner said that with Government support the redevelopment could be completed in two years.