Member for Penrith Stuart Ayres MP welcomes the announcement by Local Government Minister Don Page that Penrith’S CBD will get a $4.7 million revamp, thanks to a generous subsidy from the NSW Government in Round Two of the Local Infrastructure Renewal Scheme.
The $100 million Local Infrastructure Renewal Scheme (LIRS) provides subsidies to assist councils to help meet the cost of financing their infrastructure backlogs and expects the scheme will eventually unlock $1 billion in shovel-ready projects across the State that were allowed to languish under 16 years of Labor.
Under Round Two of the scheme subsidies will be provided to 57 vitally important infrastructure projects across 49 NSW councils, unlocking nearly $300 million worth of infrastructure at a cost to the NSW Budget of under $30 million.
“I am thrilled with the news that Penrith was among the successful applicants in round two and the City Centre Renewal & Improvement Program (CCRIP) can now go ahead,’’ Member for Penrith Stuart Ayres said today.
“The CCRIP, Coachmans Park, and Mondo projects will provide the community with fantastic public domain environments in St Marys and throughout the Penrith CBD.
“The projects will improve accessibility throughout the area along with supporting the revitalisation of both CBDs’ retail by upgrading pedestrian links into the CBD and main street environments.’’
The total cost of the project is $4.7m, of which Penrith City Council will borrow $4.2m under round two of the Local Government Infrastructure Renewal Scheme.
“The interest rate subsidy will enable $4.7 million worth of work to renew Penrith’s city centre to be fast tracked and also deliver stage one of the Mondo project,” Penrith Mayor Mark Davies said.
Mr Page said: “The NSW Liberals & Nationals Government is committed to addressing infrastructure backlogs across NSW and to building the infrastructure that makes a difference to both our economy and to people’s lives.
“This is a promise kept that will create jobs not just in Penrith but across the State while creating or repairing long neglected infrastructure.
“The funding for the 57 successful applications will provide local communities with safer roads and bridges, better community halls and libraries, parks, sports fields and water facilities.”
“LIRS has now unlocked more than $682 million worth of investment for 138 individual projects in local infrastructure, and there will be even more projects to receive funding under Round Three of the scheme, which will be open for applications later this year.
“Local infrastructure is an important component of ensuring that NSW has strong and sustainable local communities, and also assists in providing local jobs.
“This is why the Local Infrastructure Renewal Scheme is such a crucial program for helping councils to manage and maintain local infrastructure.
“LIRS is a key part of the NSW Government’s commitment to address the $7.4 billion infrastructure backlog faced by local governments as identified by the recent Local Government Infrastructure Audit Report.
“I look forward to announcing applications for Round Three of LIRS later in the year. All NSW councils will be strongly encouraged to apply.’’
Round Two of LIRS received 60 applications, which were assessed in accordance with the LIRS funding criteria by an independent assessment panel, comprising an Independent Chair and representatives from the Division of Local Government, NSW Treasury, and the Department of Planning and Infrastructure.
Applications for Round Three of the LIRS assistance subsidies will open later in 2013.