This article originally published here.
The State Government has again pledged its commitment to the exciting and visionary Ocean Reef Marina project, agreeing to sign a new joint Memorandum of Understanding with the City of Joondalup.
Joondalup Mayor Troy Pickard was told of the news on Friday (20 May) during a visit to the marina site with local members Ocean Reef MLA Albert Jacob and Joondalup MLA Jan Norberger.
The MOU announcement coincided with news that the State Government has also allocated $500,000 to the project as part of its 2016-17 Budget.
The MOU is a formal agreement that acknowledges a strategic alliance and the shared commitment of the City and the State Government as joint landowners of the site in bringing the Ocean Reef Marina project to fruition.
Joondalup Mayor Troy Pickard said the MOU was a vital step in a long process as the City could not deliver a project of this size and complexity on its own.
“This document will set out the roles of the City and the State Government and how we will work together to resolve ongoing issues, recognising that a collaborative approach is needed to develop the marina,” he said.
The Mayor said the extra funding would enable the City to continue the planning phase of this complex and multi-faceted project.
The City is currently progressing the environmental and planning approvals for the Ocean Reef Marina via an amendment to the Metropolitan Region Scheme (MRS) boundary and a Public Environmental Review of the marine based components.
Mayor Pickard said the State Government’s financial contribution would enable the City to complete the outstanding tasks required for these processes, as well as finalise the Ocean Reef Marina Structure Plan.
“It will also allow the City to undertake any additional environmental work as required by the relevant agencies, respond to submissions arising from the public advertising of the PER, MRS Amendment and Structure Plan, and continue our extensive liaison with key stakeholders,” he said.
“The City has been custodian of the Ocean Reef Marina and championed this project for a considerable amount of time and committed significant resources.
“The environmental and planning approvals process currently underway is complex and challenging, with some 35 different environmental and planning studies or investigations being undertaken in recent times.
“This considerable body of work represents a financial investment of approximately $2.6 million, and whilst there is still some way to go, the funding from the State Government is timely.
“It is anticipated that the MRS Amendment, the PER and the Structure Plan will be advertised for public comment in the latter half of 2016, subject to agreement by the relevant State Government approval agencies.”
In October 2015 the City requested the State Government to take over as proponent of the project, mindful that it does not have the capacity and resources to build the Ocean Reef Marina on its own and would need the State Government or a public/private partnership to develop the facility.
“The City is preparing a structure plan in collaboration with the Department of Planning in its pursuit to obtain the necessary planning approvals that would ensure the desired urban outcomes of the Ocean Reef Marina concept plan,” Mayor Pickard said.
“Moving forward the City aims to work with the State Government to determine how the project is best progressed to construction stage.
“As land owners, the City would still like to be actively involved in the decision making process and work collaboratively with all stakeholders to produce an approved, financially viable, and publicly supported project that is delivered in accordance with community expectations.
“I can assure all of our residents and ratepayers that the City remains extremely determined to see the Ocean Reef Marina come to fruition.”
The Ocean Reef Marina project includes approximately 750 boat pens/stackers, boat ramps and boat trailer parking, hotel/short stay accommodation, residential apartments and single lots, food and beverage outlets, retail and service commercial, public open space and community amenities, an Internal beach, sea sports club and sea rescue facilities.
2016 – City receives funding from State Government in 2016-17 Budget to continue approval processes. State Government agrees to sign another Memorandum of Understanding with the City.
2015 – City calls on State Government to become the proponent of Ocean Reef Marina project.
2014 – Initiation of the Metropolitan Region Scheme boundary amendment by the Western Australian Planning Commission.
Environmental Protection Authority determined to assess the marine based components (under section 38 of the Environmental Protection Act 1986) via a Public Environmental Review.
2013 – Submission to the Western Australian Planning Commission of a request to amend the Metropolitan Region Scheme boundary.
2012- Signing of the Ocean Reef Marina Memorandum of Understanding with the State Government.
2011 – An amended concept plan was endorsed by Council as the basis for the preparation of the Local Structure Plan for the development.
2009 – Concept plan seven endorsed by Council for community consultation. Received 95.6% support from the almost 12,000 respondents who made submissions.
2007- Ocean Reef Marina Committee, Government Steering Committee and Community Reference Group established.
11 May 2016
The autumn property market is proving to be very busy and full of opportunities for home buyers and investors. We expect lower interest rates will stimulate the market even further, so talk to us about getting your finance in place now!
The Reserve Bank of Australia (RBA) met for its May meeting last week and decided to cut the official cash rate by 25 basis points, bringing it to just 1.75%. The move took many forecasters by surprise and brings the official cash rate to an all-time low!
The RBA decided to make the move in response to low inflation figures and a strengthening Aussie dollar. Forecasters do not anticipate another cut in the immediate future, however the RBA is likely to reserve this option in case it feels the economy requires further stimulation moving forward.
This is great news for property owners and buyers across the country. Property markets have been performing well, with plenty of housing stock available to buyers. Auction numbers have been quite high across all states, however clearance rates are not as high as last year for most markets, except for Sydney and Melbourne where they reached 74% for the last weekend in April.
Growth in home values has been good across all cities during April, except for Hobart where home values declined by 5.33%. Sydney home values increased by 2.40%, Melbourne 1.07%, Brisbane/Gold Coast 1.81%, Adelaide 2.03%, Perth 0.47%, Darwin 2.53% and Canberra 1.21%.
Following the RBA cash rate cut last week, lenders have already started to reduce interest rates, particularly on variable interest rate products for owner-occupier purposes. However, we are also seeing rate cuts across other loan product classes, so if you are looking to refinance, fix your interest rate or invest, talk to us and we’ll shop around to find the most competitive rate for your needs.
If you already have a home loan, please remember that when rates are on the move, it’s wise to check with your mortgage broker to ensure you’re still getting the best deal available for your needs. We don’t charge for a home loan health check, so please give us a call today!
We recommend that you seek independent financial and taxation advice before acting on any information in this newsletter. It contains general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. Interest rates are subject to change without notice. Lenders terms, conditions, fees & charges apply. Information sources: Auction results: www.realestate.com.au. Home values: www.corelogic.com.au
Sincerely , Element Finance