Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Developer to Get $2.68M; Council Fast-Tracks Buyout to Ensure Maroochydore CBD Control

Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Developer to Get $2.68M; Council Fast-Tracks Buyout to Ensure Maroochydore CBD Control

Article excerpt

Byline: BILL HOFFMAN

THE council offered to fund a multi-million dollar payment to Lend Lease because it feared if it didn't quickly finalise its CBD structure plan the State Government may take over.

The revelation is contained in advice by the Horton Park Golf Club board to members ahead of a crucial vote this Sunday.

The advice claims that council's original $35m offer to purchase its CBD course was increased to allow the club to pay $2.68m to the property developer to release it from a due diligence agreement.

The board has told its members that council approached it saying it wished to deal directly with it and not through Lend Lease because that process was taking too long.

It claims a series of tri-party discussions followed at which council agreed to cover the cost of effectively buying out Lend Lease's involvement in the club's relocation.

The board told its members that had the deal not been negotiated the council would have immediately moved to resume the course to allow it to finalise its structure plan for the CBD and to apre-empt any move by the State Government to take over the planning process''. …

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