Council to auction properties to help pay for reservoir
DOUGLAS Shire Council will auction two properties to partially fund its $1.7 million contribution to the new Port Douglas reservoir, it has been revealed.
A two-bedroom house at 44 Pringle St in Mossman and a vacant residential lot at 17-21 Dickson St in Craiglie will be sold and used by Council towards the $13.5 million project.
Mayor Julia Leu said they had undertaken a process to identify freehold land assets that are currently surplus to Council’s requirements.
“Council has recently become debt-free with the repayment of all outstanding loans to Queensland Treasury Corporation and our preferred strategy is to fund major infrastructure projects moving forward from our own resources,” she said.
“This will achieve a much better outcome financially for ratepayers.
“Council has no intention or need to raise substantial funds with a wholesale sell-off of surplus land assets, they are growing in value due to an improving property market.”
The new reservoir is the biggest capital works project ever undertaken by this council, with construction commencing on May 17 after a turning of the sod ceremony.
<link may construction-starts-on-councils-biggest-capital-works-project>Construction starts on council's biggest capital works project
Leu said other council landholdings will be retained to maximise value and, depending on future requirements, may be sold incrementally to fund future capital projects.
“But where we need to fund new major infrastructure projects, it makes good financial sense to generate revenue with strategic land sales in the right circumstances rather than through borrowings with interest repayments over many years,” she said.
Council will follow a standard procurement process and these two identified properties will be advertised for sale in the coming months.
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