Way Forward for Funding Services in Growth Areas
Source: Victoria. Minister for Planning. Media Release
"The Brumby Government announced it has reached agreement with the peak development industry bodies on a formula for funding vital infrastructure within an expanded urban growth boundary. Planning Minister Justin Madden said it was vital for housing affordability that the Urban Growth Boundary be extended and revenue secured to build infrastructure for new communities. “Both the Government and the development industry recognise the need to plan a long way ahead and ensure our growth corridors develop as compact, sustainable communities,” Mr Madden said.“Through this compromise, developers will pay 30 per cent of the Victorian Government’s Growth Areas Infrastructure Contribution when they purchase land, with the remaining 70 per cent being paid in stages as the land is subdivided.”Mr Madden said the Brumby Government had signed a Memorandum of Understanding with the Property Council of Australia and the Urban Development Institute of Australia spelling out the details of how the charge would be restructured to make it acceptable to the industry."