Page 2604 - Week 08 - Wednesday, 10 August 2016
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decision. The community has said loudly and clearly that they want us to correct this bad, bad planning decision of the past. The only way we can fix this grand error in the middle of our city is by redesigning Parkes Way to link the city to the lake so people can move seamlessly between the centre of our city and Lake Burley Griffin.
Some of the earlier studies on the city to the lake project identified that the Coranderrk Pond would need to be relocated and identified Glebe Park as the best place for a new water quality control pond. Relocating a pond is not in itself the sexiest, big city-shaping move, but in this case it serves multiple purposes. It is about improving water quality that flows into Lake Burley Griffin, but it also unlocks three important parts of the larger city to the lake project.
It means a better development outcome on the Parkes 3 site—section 3 opposite the CIT—and ensures there is more land available for that land release; it means we can improve that intersection and reduce congestion for Canberrans who travel through that area; and it means better water quality for Lake Burley Griffin because the current pond is not functioning as it should and, of course, we know we are going to see more people living in this catchment area.
We have, it would appear, a bipartisan policy position in favour of more people living in the CBD and more people living along the Northbourne Avenue corridor. So this water quality work needs to be done, and moving this pond is a good outcome for the community on many fronts.
The decision to purchase this block was made by the CEO of the LDA to realise the vision outlined in the city to the lake project. The mechanism used to acquire this land as part of the city to the lake project was in accordance with the Planning and Development Act 2007, which outlines the functions of the LDA, including developing land, carrying out works for that development, enhancement of land, and carrying out strategic or complex urban development projects. This is the LDA exercising its functions in accordance with its statement of intent that is tabled in this place each year. The purchase was made in accordance with the CEO's delegations as established by the LDA board under the Financial Management Act 1996.
Before purchasing the land, the LDA commissioned two valuations: the first in August 2014 indicated a valuation of between $950,000 and $1.05 million excluding GST at an as-is market value and subject to all present lease conditions; the second valuation in September 2015 was provided by Colliers and recommended a $3.6 million to $3.8 million purchase price based on the suggested range to settle the matter in the order of $2.8 million to $4.6 million.
The LDA sought the second valuation to inform negotiations after agreement could not be reached with the land owner on a purchase price. It was considered reasonable by the LDA for its purposes, deeming it unnecessary to seek a further third valuation. The final purchase price of $3.8 million excluding GST was consistent with the purchase price recommended by the second valuation and well within the total valuation range of $2.8 million to $4.6 million.
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