City to take on Quarter retail precinct
The City of Karratha has won the bidding process to purchase the Quarter retail and commercial precinct.
Karratha Mayor Peter Long said the investment would reduce the City’s reliance on generating income from rates.
Mr Long said anything greater than what it currently earned in term deposits, plus one per cent, would be directed to a rate management fund to be used for the following year’s rating purposes.
“While the City is in a strong financial position (the) council is always seeking to generate the best rate of return on its investments so that we can improve facilities and services without costing the ratepayer more,” he said. “Quarter generates 70 per cent more than council currently earns from term deposits.”
Three new leaseholders have signed up since the City’s investment decision last month.