Legislative Assembly for the ACT: 1999 Week 4 Hansard (22 April) . . Page.. 1287 ..
Mr Stanhopeasked the Chief Minister, upon notice, on 20 April 1999:
Noting the answer to Question on Notice No. 26 concerning the former Vehicle Testing Station at Phillip, which indicated that the Government had entered into an agreement with a Queanbeyan company for lease of the land left vacant by the closure of the Phillip Vehicle Testing Station and that this Agreement was contingent upon the company meeting specific contractual obligations;
1. Has the organisation fulfilled these contractual obligations, if so, has a final execution of the lease agreement been negotiated?
2. How much does the organisation intend to expend on the site upgrade?
3. How far advanced with the project is the organisation?
4. Has the organisation created any new jobs since it commenced operations and if so, how many?
Ms Carnell: The answers to the member's questions are as follows:
1. In order to secure the lease of the Phillip Testing Station, EOS were obligated by the ACTBIS agreement to increase its issued capital to $5.1 million. Electro Optic Systems (EOS) has received offers of financial backing from several investors and is now in the process of assessing the offers to select the most appropriate alliance. Consequently the company is yet to finalise the lease Agreement with the Territory. EOS expects to finalise funding arrangements by the end of June 1999 and will then be ready to sign the lease by the end of July 1999.
2. The business plan presented with the ACT Business Incentive Scheme application indicates that the organisation intends to expend between $1.4 and $1.6 million to relocate to and upgrade the Phillip facility.
3. The ACTBIS Agreement to assist EOS is not for a specific project but rather is designed to retain the company in the ACT region and to assist it to relocate to premises that will accommodate its future expansion.
Electro Optic Systems is an established Australian owned technology based aerospace company that incorporated in 1986. EOS designs and builds electro-optic systems based on the use of lasers and electronic imaging. These systems range from small lightweight military sight surveillance systems to complex electro-optic satellite tracking and ranging systems. EOS has projected strong growth over the next three years to a target workforce of 200 by the end of 2002.