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Legislative Assembly for the ACT: 2000 Week 8 Hansard (29 August) . . Page.. 2562 ..

MR SMYTH (continuing):

The federal government has released a policy on digital broadcasting that requires capital city networks to broadcast digital television services by 2001. Prime, and other regional broadcasters, are required to upgrade by 2004. Because a large part of Prime's market overlaps with capital city broadcasters in the urban fringe area, Prime has to work to the capital city timetable if it is not to lose market share. The land is being sold to Prime at market value. The Australian Valuation Office has determined the value of the land at $50,000.

The second lease was granted to a partnership of company directors, the company secretary and the service manager of Modernfold (Australia) Pty Ltd over block 61, section 5, of Hume. The lease will enable Modernfold to develop a purpose-built factory to expand its manufacturing capabilities. Modernfold specialises in the manufacture and installation of operable and accordion walls for the building industry.

Since Modernfold was established in the ACT in 1996, in rented premises in Hume, the company has grown from having three full-time employees to having 27, and its sales revenue has trebled in less than three years. There is no room for expansion in the existing rental premises.

Recently Modernfold developed a specialised storage system that has worldwide application in art galleries, museums, archives or any institution that needs to securely store artwork or historical documents. The company has secured a $1.9 million contract with the National Gallery of Victoria to provide an artwork storage system that has attracted the attention of similar institutions around Australia and overseas. The purpose-built factory in Hume is expected to generate employment growth of another 45 positions over the next three years.

The grant of the lease forms part of a business incentive scheme package approved by the government that will ensure the retention of Modernfold in the ACT, and the establishment of a new unique manufacturing industry with demonstrated potential for export earnings. There is no similar competing organisation currently in the ACT or the region. The land is being sold to Modernfold at market value. The Australian Valuation Office has determined the value of the land at $185,000.

As I have outlined, I believe that there will be significant benefits to the territory in supporting both the Prime and the Modernfold developments here, and that these justify a direct grant of the land to enable the expansion of the companies' existing facilities.

MR SMYTH (Minister for Urban Services) (4.09): Mr Temporary Deputy Speaker, for the information of members, I present the following paper:

I move:

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