Department of the Legislative Assembly

Darwin City Waterfront - Revenue

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WRITTEN QUESTIONS
10th Assembly


19/07/2005

3. Darwin City Waterfront - Revenue

Ms Carney to for Chief Minister

QUESTION

1. What revenue will be received as the Waterfront site is developed; how will it be paid and how much per year is this expected to be.

2. Where will this revenue be coming from.


ANSWER


Answered on 05/10/2005

S:\7 Secretariat\7-2 Ministerials in Progress\WRITTEN QUESTIONS\M20050359TI - Written Question 03.doc
Revenues are received from potentially five sources. These are:

Stage 1 property development (Bank Cheque on completion of each sale)
Stage 2 property development (Bank Cheque on completion of each sale)
Property Owners (Rates, levies and concession charges paid to the Statutory Corporation)
Concession Charges for use of public and other facilities
Darwin Convention & Exhibition Centre (Revenues offset against expenses)

Question 1
Question 2
Basis of Payment
Method of PaymentEstimated Amount (nominal dollars)Approximate TimingRevenue Source
Stage 1
12% of Gross ProceedsBank Cheque$8.4m2008-2009Residential Sales
10% of Gross ProceedsBank Cheque$2.0m2008-2009Non-Residential Sales
Stage 2
18% of Gross ProceedsBank Cheque$170.0m2009-2018Residential Sales
10% of Gross ProceedsBank Cheque$10.7m2009-2018Non-Residential Sales
Statutory Rates / Levies / Concession ChargesAnnual Charges$1.0-2.0mPer annum on completionProperty Owners / Concession Holders
DCEC Revenue net against expensesReduction in Territory Op Contribution($2.5m) forecast in first stabilised year of operationPer annum from openingDCEC Concession Period Operations
Last updated: 04 Aug 2016