Page 4614 - Week 12 - Thursday, 26 October 2017
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(3) Did these amounts comprise the total cost for the subject advertising, under the joint venture agreement; if not, (a) what is the total cost, (b) what is the Government’s share of that total cost and (c) under what process will any additional amounts be approved.
(4) What contribution has the Government’s joint venture partner made to the total cost.
(5) When was that contribution paid or reimbursed to the Government;
(6) Did the joint venture partner pay their share in cash; if not, (a) in what form was it paid, (b) how was that form valued and (c) by whom was it valued.
(7) Is the Government in a conflict of interest in this project as both regulator and profit-making developer; if so, how is that conflict managed so that full accountability, transparency and probity is preserved; if not, on what basis was that assessment made.
Ms Berry: The answer to the member’s question is as follows:
(1) Ginninderry is a joint venture (structured as 60 per cent Suburban Land Agency on behalf of the ACT Government, and 40 per cent Riverview Developments Pty Ltd) to deliver ultimately 11,500 dwellings over a 30 year plus timeframe. It includes four suburbs, shopping areas, recreation, sport and community facilities, and almost 600 Ha of conservation corridor.
The Joint Venture (JV) is a commercial agreement and is not funded by appropriation. The JV Board determines and approves the budget requirements for the project. It has funded necessary and important advertising and promotional material to promote this new development. This included building awareness of the Ginninderry project and associated services, its location, underpinning values and its position as an emerging development front in Canberra’s north.
The campaign included three key components funded by the Joint Venture:
• Brand launch and associated production of materials including a new website, signage, advertising and events;
• All internal and external signage of Ginninderry’s multi-purpose centre (The Link); and
• Promotion and registration of the first sales release including detailed information relating to Flexi Living (a new affordable housing product).
(2) See answer to question 1 above.
(3) Yes.
(4) The JV funds all project costs to which the joint venture participants share a proportionate liability. The respective interests of the participants are 60 per cent for the Suburban Land Agency representing the Territory and 40 per cent for Riverview Developments. The Government does not fund Ginninderry’s advertising costs.
(5) As part of the project funding, the former Land Development Agency and Suburban Land Agency is providing funding in the form of approved borrowings at a
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