Page 984 - Week 04 - Tuesday, 19 March 1991
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CIVIC SQUARE REDEVELOPMENT PROJECT
Ministerial Statement
MR KAINE (Chief Minister), by leave: Further to my statement to the Assembly on 12 February this year, I am now able to provide further information on the status of the section 19 development project; one, of course, in which many people have a great interest. It is probably no secret to anybody that one of the difficulties with this project is in ensuring that there is sound and adequate financial support behind it. That is one of the reasons why the process has taken so long to get to the point that we have now reached.
As a result of information received in the last few days, I can advise that there is a firm offer of finance in support of the recommended proposal, with evidence of substantial funds available to back the project. After careful consideration of the circumstances - and the Cabinet has taken two weeks to look at it - the Government has decided to grant a further 28 days' extension to the recommended consortium, to allow a complete and thorough analysis of this financial offer, and to satisfy itself as to the bona fides of the investor and the other consortium members. The extra time will allow the Casino Surveillance Authority to carry out its own investigations and allow it to report to the Government. The Government has decided to allow this extended period because of the importance of the Civic Square project and its possible impact on employment in the construction and tourism sectors. We believe that this imposes an obligation on the Government to offer every reasonable opportunity to bring this project to a successful conclusion in the interests of the community. I ask all members of the Assembly and the ACT community to support us in allowing this further short period of time, in order to ensure that all reasonable possibilities are fully explored.
Mr Speaker, I must emphasise that this extension of time will not in any way compromise the current selection process, and the bid will remain fully conforming in terms of the agreed development conditions. We expect to be able to make a firm decision on this important issue within 28 days. I present the following paper:
Civic Square Redevelopment (section 19) project - Ministerial statement, 19 March 1991.
I move:
That the Assembly takes note of the paper.
Question resolved in the affirmative.
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