Street revamp loan approved

TENTERFIELD’S main street will undergo a further revamp after Tenterfield Shire Council (TSC) secured a low-interest loan.
TSC was successful in obtaining a NSW government Local Infrastructure Renewal Scheme (LIRS) subsidy for a planned $1.2 million loan.
Council resolved to take out a loan in its 2014-15 Operational Plan, and estimates it will save more than $205,000 in interest payments over the life of the loan due to the subsidy.
General manager Lotta Jackson said $750,000 of the loan would be used for stage two of the main street project (Bruxner Park and Tenterfield Square), $50,000 for design of stage two, and $10,000 each for civic work and design at Urbenville and Drake.
“The remaining funds are allocated in the Loan Reserve to be used for the final touches of the project and pending approval may also be used for the villages, with allocation as required,” Ms Jackson said.
Mayor Peter Petty stressed there was never any question of council declining the loan.
“Council has already voted to take out the loan,” he said.
“We will be so much better off by receiving the subsidy of three per cent on our bank interest charges.”
Member for Northern Tablelands Adam Marshall, who made the announcement earlier this month, said he was delighted TSC was a successful applicant.
“This project will support economic development in and around Tenterfield and enhance the heritage and natural beauty of the area,” he said.
Introduced by the Liberals and Nationals Government, the LIRS encourages councils to make greater use of borrowings to accelerate investment in long overdue community projects.
Under the third round, councils are provided with a 3 per cent interest subsidy for up to 10 years on loans.
In total, round three of LIRS received 69 applications, which were assessed by an independent panel.