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Legislative Assembly for the ACT: 1996 Week 7 Hansard (18 June) . . Page.. 1785 ..

MR DE (continuing):

The authority will act as an agent of the Territory for the provision, development and management of the land in the Gungahlin central area and will grant leases on behalf of the Executive. There is provision for the authority to undertake development in its own right or to enter into contracts or joint ventures for the town centre development.

Mr Speaker, the authority will be subject to the provisions of the Financial Management Act 1996, in particular Part 8, which deals with financial provisions relating to Territory authorities. These provisions include the responsibilities of chief executive officers, the operation of bank accounts, investments, borrowing, statements of intent and annual financial statements. The Gungahlin Development Authority Bill imposes even greater controls and accountability measures on the authority, with restrictions on the formation of companies or joint ventures, the tabling in the Assembly of the statement of intent and the preparation of quarterly reports. The authority will, of course, be required to prepare annual reports.

Mr Speaker, the Government intends that the authority fund its operations through revenue obtained from land sales within the Gungahlin development area. The Government's equity in the authority is the land provided for development, and the authority will be required to repay this equity with a return which takes into account the nature of the authority's operations. It is expected that the authority will need to borrow funds initially. The membership of the authority is to be on a similar basis to that of the existing Interim Gungahlin Development Board and will include a cross-section from the community, with two members to be from the general community while others are to have expertise in property development, retail, finance, urban planning and design, and skills relevant to the management and operations of the authority. Two members are to be senior ACT public servants. The chief executive officer is also to be a member of the authority.

Mr Speaker, the Legislative Assembly will have the opportunity to review the operations of the authority when the responsible Minister tables a report of a review of the Gungahlin Development Authority Act. Clause 42 of the Bill provides for this review, which is to take into account the effectiveness of the operations of the authority, the need for the continuation of the existence of the authority and the need for the continuation of the Act. Mr Speaker, the Government has a strong commitment to the Gungahlin community. We will ensure that the residents of Gungahlin enjoy the same amenity as others in Canberra do. The establishment of the Gungahlin Development Authority will ensure the development of a town centre which will be a benchmark for others seeking excellence in the provision of facilities for the community.

Debate (on motion by Mr Wood) adjourned.

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