TENTERFIELD SECURES MORE THAN $1M MAIN STREET REVAMP
MEMBER for Northern Tablelands Adam Marshall and Member for Lismore Thomas George have today announced that Tenterfield Shire will be able to proceed with a major $1.2 million upgrade to its main street, thanks to a generous loan subsidy from the NSW Government’s Local Infrastructure Renewal Scheme (LIRS).
Introduced by the Liberals and Nationals Government, the scheme encourages councils to make greater use of borrowings to accelerate investment in long overdue community projects.
Under the third round, councils are provided with a three per cent interest subsidy for up to 10 years on loans.
“The NSW Government is committed to Rebuilding NSW and in order to achieve this we need a strong local government sector with the infrastructure to match,” Mr Marshall said.
“That is why the NSW Government has committed $120 million to the LIRS scheme until 2025.
“The application from Tenterfield Shire Council will see $1.2 million spent on the Rouse Street Renewal project which includes improvements to key roads and public amenities.
“I am delighted that Tenterfield Shire Council was a successful applicant. This project will support economic development in and around Tenterfield and enhance the heritage and natural beauty of the area.
It is estimated that the three per cent subsidy will save Tenterfield Shire Council more than $205,000 over the life of the loan.
Mr George said in the first two rounds of the scheme, 137 individual projects across 87 councils had benefitted, unlocking almost $680 million for shovel-ready projects.
“Thanks to round three of the scheme, an additional $148 million in infrastructure spending will be unlocked,” he said.
“The LIRS is a key part of the Government’s commitment to address the crippling $7.4 billion infrastructure backlog faced by local governments (as at June 2012).
“The community knows that building infrastructure makes a significant difference to both our economy and to people’s lives.”
In total, round three of LIRS received 69 applications, which were assessed by an independent panel.