Penrith will get a $913,000 neighbourhood renewal program thanks to a generous loan subsidy from the NSW Government’s Local Infrastructure Renewal Scheme, Member for Penrith Stuart Ayres said today.
The $70 million scheme provides councils with a four per cent interest subsidy over 10 years on loans to allow infrastructure projects which languished for 16 years under Labor to finally go ahead.
Minister for Local Government Don Page said the scheme would unlock shovel-ready infrastructure projects for communities across the State.
Mr Ayres said the project would revitalise and enhance Penrith neighbourhoods, as well as supporting opportunities for local employment and training.
“I am delighted the O’Farrell Government can assist to get these local projects underway after years of neglect from the previous government,\” Mr Ayres said.
Penrith City Council plans to borrow the cost of the project, assisted by the State Government’s interest rate subsidy under the Local Infrastructure Renewal Scheme.
Mr Page said the projects covered by the scheme include roads, bridges, community halls, libraries, paths, parks, water facilities and airports.
The scheme is expected to give the green light to up to $1 billion worth of infrastructure across the State.
“Almost 100 applications from councils across the State were received for funding – a response which illustrated how dire the backlog in infrastructure was under the previous Labor Government,” Mr Page said.
“This scheme is a promise kept by the NSW Liberals & Nationals. It will create jobs, develop and renew infrastructure and improve the quality of life for the people of NSW.
“With the first round of applications complete, there is still $60 million to fund other projects across the State in future rounds of grants under the scheme,\” Mr Page said.
Mr Page urged councils who missed out to apply for the second round of funding, expected to open by the end of the year.
NSW Treasurer Mike Baird said the Government was serious about building for the future.
\”What we are saying to councils is that we will help share the burden on borrowing costs on the loans required to tackle the infrastructure backlog,\” Mr Baird said.