Tamworth Council approves $30 million loan for new aquatic centre

A report for the proposed $45 million Tamworth Regional Aquatics Centre went before Tamworth Regional Council at Tuesday’s Ordinary Meeting during which Councillors voted unanimously to borrow $30 million for its contribution towards the Aquatics Centre.  

After some lengthy discussion, Councillors agreed to move forward with the proposed Tamworth Regional Aquatics Centre and the Northern Inland Centre of Sport and Health, using loan funding for its financial contribution of $30 million.

It will be used with a $15 million NSW Government Centre of Excellence grant already secured.

The funding strategy is based on repayments being made from two funding streams: $15 million in loan funding repaid through Special Rates Variation revenue earmarked for renewal of Council’s assets; and, $15 million in loan funding repaid though decreased expenditure and increased revenue or ‘one-off asset sales’.

Councillors supported report recommendations for staff to manage the facility in-house for about three years and then reassess and to investigate a ‘unique entity’ for its naming and branding.

The report provided an update about the work undertaken to assess the “highly complex factors” to determine the pool configuration and depths of the main body of water in the proposed facility.

The report said user group consultation will continue to determine the configuration which best meets the needs of the community while also generating the revenue needed to maintain its long-term financial viability.

A development application for Stage 1 of the project was lodged with Council on 1st August and will go on public exhibition in the coming weeks. The application will be referred to the Northern Regional Planning Panel for determination.

Tuesday’s meeting was the final scheduled meeting before current Councillors enter ‘caretaker period’ in the lead up to the NSW Local Government Elections on 14th September. In the four weeks before a Local Government election, Councillors are not permitted to make major policy or funding decisions.