Not just another plan
THE release of the Implementation Plan for the Townsville City Deal was a solid second step in the long journey of recasting the way government investment is planned and coordinated in Townsville – and Australia- wide.
The plan isn’t a miracle solution to the city’s economic challenges. But it is certainly more than just another plan.
As the beneficiary of Australia’s first City Deal, Townsville has the first opportunity to gain value from the innovative United Kingdom funding and prioritisation model.
However, Townsville will also have to lead the way in overcoming any teething issues.
By tailed delivering a more deimplementation strat- egy, all three levels of government have set a realistic and achievable work program.
The proposed time frames are considered and credible.
They’re not going to set the world on fire but the local industry and community should take comfort in their feasibility.
One of the most important initiatives contained in the City Deal is the commitment from the council to establish a development corporation that will lead investment and market research to attract developers and businesses.
The property council hosted Townsville community and industry leaders for a study tour of Newcastle last year which showcased the lessons from Newcastle’s urban revi- talisation journey. A key takeout from this tour was the importance of a dedicated development corporation and critical role this agency has played in reversing Newcastle’s economic fortunes.
The Implementation Plan has given responsibility for establishing the Townsville Development Corporation to Townsville City Council in consultation with the Queensland Government.
The terms of reference and board will be established this quarter with the agency to be fully active by the first quarter of 2018.
The local property industry is not only keen to see these steps taken as soon as possible but also for the other components of this City Deal commitment to be delivered – including an allocation of initial operational funding, the transfer of land to the new entity and the release of a strategy to guide the redevelopment of the city’s waterfront and CBD. City Deals are not a silver bullet. They are a longer term play aimed at recalibrating the framework behind investment decisions by all three levels of government.
The Townsville City Deal is a 15- year commitment covering a range of initiatives aimed at strengthening the local economy.
The deal will have immediate benefits to the local economy as potential investors recognise the benefits of a stable and co- ordinated approach by all levels of government.
However, the full value of the deal will be felt through the long- term economic uplift generated in the city well beyond the lifetime of the original agreement.