Port Macquarie’s Hastings River Drive will get a $10 million revamp and the Camden Haven will get a new $14.6 million bridge over Stingray Creek under a loan subsidy from the NSW Government’s Local Infrastructure Renewal Scheme.
The $70 million scheme provides councils with a four per cent interest subsidy over 10 years on loans to allow infrastructure projects which languished for 16 years under Labor to finally go ahead.
Minister for Local Government Don Page said the scheme would unlock shovel-ready infrastructure projects for communities across the State.
Port Macquarie’s Hastings River Drive will be upgraded between Park and Boundary Streets, which would maintain the regional road network – vital to the continued economic development of the area.
Member for Port Macquarie Leslie Williams said the long awaited new bridge over Stingray Creek will be realigned and replaced at North Haven.
“Both projects will also boost road safety in Port Macquarie and the Camden Haven.
Port Macquarie-Hastings Council plans to borrow the money to fund the works, assisted by the State Government’s interest rate subsidy under the Local Infrastructure Renewal Scheme, as well as with $6 million in funding already allocated for Stingray Creek Bridge.
Mr Page said the projects covered by the scheme include roads, bridges, community halls, libraries, paths, parks, water facilities and airports.
The scheme is expected to give the green light to up to $1 billion worth of infrastructure across the State.
“Almost 100 applications from councils across the State were received for funding – a response which illustrated how dire the backlog in infrastructure was under the previous Labor Government,” Mr Page said.
“This scheme is a promise kept by the NSW Liberals and Nationals. It will create jobs, develop and renew infrastructure and improve the quality of life for the people of NSW.
“With the first round of applications complete, there is still $60 million to fund other projects across the State in future rounds of grants under the scheme,” Mr Page said.
Mr Page urged councils who missed out to apply for the second round of funding, expected to open by the end of the year.
NSW Treasurer Mike Baird said the Government was serious about building for the future.
“What we are saying to councils is that we will help share the burden on borrowing costs on the loans required to tackle the infrastructure backlog,” Mr Baird said.
