City to take on Quar­ter re­tail precinct

Pilbara News - - News -

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.

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