THE ACT Government has announced it will start a $22 million Urban Improvement Fund that will work towards upgrading the territory’s “look and feel”.
The funds will come directly from the contentious Lease Variation Charge on residential property development that was set up last year and will be pumped back into areas including mowing, building parks and roads as part of the 2012-13 Budget.
“We think it’s sensible, we think it’s needed,” Chief Minister and Minister for Territory and Municipal Services, Katy Gallagher said.
“We’re constantly trying to balance the growth of the city against the revenue available. We made some changes to lease variation last year and we’ve been very clear that the proceeds of development should go to the community, or some of the proceeds…
“But when we do collect it it should go straight back into the community to who it’s meant to serve.”
According to Deputy Chief Minister and Treasurer Andrew Barr, over the past six months, $6 million has been banked from the LVC.
He said another $16.5 million is expected to come in the second half of the year, showing signs that developers have “confidence in the ACT economy”.
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