KEY FACTS

WHAT WE KNOW ABOUT THE DEAL: It took council officers six to seven months to negotiate. There were two bidders. Melbournebased Care Park and Far East Consortium won with a $48 million offer. WHAT IS THE CAR PARK WORTH: Councillors were told by officers that council would be happy with $40 million. Opponents say the car park is worth up to $100 million. WHAT IS THE FINANCIAL OUTCOME: CEO Dale Dickson says if it was decided not to sell, the $48 million would cost $4 million annually in interest, and operating costs for the new art gallery would be the same. The car park was costing $1.2 million a year. WHAT WILL HAPPEN TO THE CAR SPACES: Provision of 640 public spaces would be provided by the buyer. It can set the price for those.

Council would get 100 at no additional cost. What happens if the buyer wants to redevelop the site: A leasing arrangement is in place. It must include a transit centre and civic space. WHICH COUNCILLORS DECLARED WHAT: Gary Baildon’s son Andrew was a potential buyer of city owned land (not at the site); Paul Taylor and Donna Gates had a Star platinum card and left the room, Cameron Caldwell has a Star card and Commonwealth Games entertainment exceeding $500, but stayed after a vote; Bob La Castra, as the city’s appointed HOTA board representative, left the room; Daphne McDonald has an arts centre movie pass and attended shows in excess of $500 and received a vote to stay; Kristyn Boulton has movie pass, allowed to stay; William Owen Jones had attended shows worth more than $500 and voted to stay; Peter Young left because Cr Tom Tate’s defamation action against him involves properties near the transit centre; Gail O’Neill had a movie pass and voted to stay; Mayor Tate declared owning commercial sites nearby. He left citing his Star platinum card.