8 October, 2022
Policy change to boost construction
AN investment incentive scheme has been broadened by Tablelands Regional Council in the hope it will kickstart more construction projects in the region.
The Investment Incentive Policy was adopted in June to encourage more ac-tivity in the housing construction sector, encourage development of strategically important industries and attract large projects to the region.
Under the policy, infrastructure charges up to $100,000 will be waived for developments that involve the con-struction of affordable medium density dwellings, strategically important in-dustries or “catalytic” projects, which is defined as projects with a construction value of more than $5 million.
While interest has been reportedly strong, council received feedback that certain conditions of the policy should be changed to ensure it would have the desired effect in boosting activity in construction and development.
Economic Development executive manager Angelo Finocchiaro told council the changes were all about expanding the eligibility of those who could apply for the incentives.
“The changes are meant to broaden the eligibility of projects, including dual occupancy projects, and projects there were approved prior to the policy commencing to try to get those projects across the line,” he said.
“There’s a whole backlog of projects in the pipeline and we are trying to clear that backlog and bring them online.”
The major change that will help boost the take-up of the scheme is to enable developments that have been approved prior to the policy beginning on 1 July but have not yet started construction.
Another key change is allowing developments that have or will attract government funding to apply for the incentives.
The policy’s definition of a “local supplier” has also been amended to include companies that may have their principal place of business elsewhere but also have a place of business within the TRC local government area and employ local people.