FUTURE: Computer-generated image show how the Maroochydore CBD project might look when completed.
FUTURE: Computer-generated image show how the Maroochydore CBD project might look when completed. Contributed

Council looks to borrow another $125m for CBD project

SUNSHINE Coast Council has committed ratepayers to further borrowings of more than $124 million through to 2028 to fund its ongoing Maroochydore CBD redevelopment.

The borrowings were located during detailed analysis of the 2018-19 council budget and can be found listed on page 60 of the agenda for the June 21 special budget meeting on the council's website.

A sum of $25.135 million is listed for 2019 with further amounts from $4.5million to $17.5million over the following years. Expenditure to date would be well in excess of $120 million.

A Sunshine Coast Coast representative said any borrowings would be paid off as land within the Maroochydore city centre was sold.

Council and SunCentral Maroochydore forecast to receive $310million revenue through to 2028.

"As council has always said, the intention is that at a minimum, the Maroochydore City Centre will break even over the life of the project," the representative said.

"The Maroochydore city centre will deliver significant broader benefits for the Sunshine Coast in the form of about 30,000 jobs, new public facilities and amenities and improved traffic and pedestrian connectivity through Maroochydore."

Are you surprised that Sunshine Coast Council has committed ratepayers to further borrowings?

This poll ended on 11 July 2018.

Current Results

Yes, we've already borrowed enough for this development.


No, it's a big development and it's going to cost us.


As long as it pays off with new jobs and facilities, then it's worth it.


This is not a scientific poll. The results reflect only the opinions of those who chose to participate.

More than 90 per cent of the lots in the city centre's first stage are currently in commercial or contract negotiation stage. Those deals are worth more than $91million.

"It needs to be borne in mind that these are only the first tranche of contracts from the initial marketing of one precinct and the land area for the contracts under negotiation represents about 7.5 per cent of the Maroochydore City Centre site," the council representative said.

"Not all lots in the first precinct are under contract negotiation at this stage and there are five other precincts that are yet to be released to market - something that will progressively occur over the 20-year life of the project.

"Collectively there is considerable sales value in the land not currently under contract negotiation or released to market that will provide the revenue stream required to service the borrowing requirement."