As it capitalises on the benefits from the Barangaroo project, the city of Sydney is set to spend almost $2 billion over the next 10 years on building and construction projects.
Unveiling its draft 2013/14 budget and year corporate plan, Sydney City Council says it will spend a record $1.9 billion on capital works over the next decade – the largest ever capital spending program.
The Council says it plans to spend $400 million on the transformation of Green Square – a former industrial area about three kilometres south of the CBD which is undergoing an $8 billion transformation, with money to go toward new roads, parks and open spaces as well as a new town centre, a new library and recreational facility and affordable housing.
Other key projects include:
- the transformation of George Street and connecting laneways as part of the light rail project ($220 million)
- upgraded footpaths, roadways and paving ($180 million)
- upgrades to parks and green spaces ($100 million)
- six new childcare centres ($55 million); and
- integration of the new Barangaroo development with Millers Point ($37 million).
Between now and June 2014, the City says it will invest $200 million on work including a storm water harvesting development at Sydney Park and projects to revitalise city laneways, improve city streetscapes, upgrade bicycle network links and refurbish Heffron Hall and Albert Sloss Park in East Sydney.
Green Square Concept Drawing, Sydney. Source: City of Sydney
Council also says it also expects to generate an average $100 million operating surplus over the coming decade.
Lord Mayor Clover Moore says the Council’s strong financial position has enabled it to invest in infrastructure.
“With careful planning, broad consultation and prudent investment over a number of years we’ve built a healthy bottom line for our global city and villages,” Moore says.
“Now we want to invest those funds to strengthen Sydney’s international reputation as a leading global city – renowned for its lifestyle, economy, tourism, sustainability, open space and cultural life.”
Taking a swipe at suggestions regarding council amalgamations contained in a recent report produced by the Independent Local Government Review Panel, Moore says evidence from Queensland and Auckland in New Zealand suggests large-scale municipal mergers are costly and divert money away from local development.
“Rather than wasting money on boundaries, the City should continue our investment in long term infrastructure, beautiful parks and open space, affordable housing and high quality services for residents, businesses and visitors,” Moore says.
By Andrew Heaton
Top Image Credit: Tourism New South Wales
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