Expressions called to finance $81m Cultural and Civic Space project

Expressions of interest are being called for by Coffs Harbour City Council to finance the Cultural and Civic Space building. Photo: Coffs Harbour City Council.


FINANCE to fund the controversial $81m Cultural and Civic Space building is currently being sought by Coffs Harbour City Council.

Council is calling for expressions of interest from the NSW Treasury Corporation (TCorp), ANZ Bank, Commonwealth Bank, National Australia Bank, and Westpac Banking Corporation in providing the loan funding required for the project.

The expression of interest will be for an amount of borrowing as resolved by Council for $50,265 million.

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Council will be asking for the loan over a 30 year period, with a fixed period of 20 years.

Once the expressions of interest are assessed, a recommendation will be made to Council regarding the proposed institution to undertake the borrowing with.

Council has also resolved to borrow an amount of $17 million, as an interim loan, for the component of project funding identified from the sale of Council’s Administration Building in Castle Street, Coffs Harbour, and Rigby House in Duke Street, Coffs Harbour.

“It is expected that the interim loan will be required later in the 2021/22 financial year and will be the subject of another expression of interest at this time,” Council documents stated.

“This will be a variable loan to allow Council to repay the loan as the sales of the buildings are completed.”

Construction work on the Cultural and Civic Space site in Gordon Street, Coffs Harbour, has commenced and the building is due to be completed by the end of 2022.

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