A MAJOR piece of infrastructure in the Thurgoona growth corridor will be bankrolled under a NSW Government low cost loans initiative if Albury Council is successful with an application.
The council this week agreed to submit a $5.7 million application to fund the Thurgoona link roads project and if successful it is estimated a 50 per cent interest expense reimbursement will equate to a saving of close to $400,000 over a 10-year period.
The project will provide future connectivity to Hume Freeway at Davey Road and an east-west link from Kerr Road to Elizabeth Mitchell Drive.
Works to be undertaken by June 2021 include design works and land acquisition totalling $1.2 million the extension of Elizabeth Mitchell from Ettamogah Road to Wignell Road intersection worth $4.5 million.
Program guidelines stipulate loans must be for capital expenditure on works to enable housing development to proceed or community infrastructure assets supporting new housing.
Last year, the council submitted a successful $9.66 million application for works in the Thurgoona area including Kerr Road construction and the Thurgoona Drive-Elizabeth Mitchell Drive intersection upgrade.
Meanwhile, the council has had a break-through in fighting earlier constraints placed on investments with Hume Bank and WAW Credit Union
Previously NSW Treasury Corporation (TCorp) wanted the council to reduce its investments with Hume and WAW to the Commonwealth Government guarantee, presently $250,000.
But in negotiating a successful loan application to TCorp for $14.5 million for works in Thurgoona and the Lavington Sportsground redevelopment, the council has been given the go ahead to invest no more than five per cent of its total investment funds with the two financial institutions.
It presently has 2.7 per cent or $4 million invested with Hume and 3.4 per cent or $5 million with WAW.