New City Funding Launches: New City Bonds and Infrastructure Fund
Posted October 20, 2018 09:05:33 New City Finance is launching the Brisbane City Bond Fund (BCBF) to finance the expansion of new infrastructure, with the state Government funding the first batch of bonds in the fund.
Key points:BCBF is a $300 million, 10-year capital plan for BrisbaneNew City Finance will invest $25 million in Brisbane’s parks and heritage areas and $10 million in the City of Sunshine’s recreation and heritage zonesNew City Treasurer Tim Carmody says Brisbane is the first capital to invest in the Brisbane CBDBrisbane City’s mayor has said the project is a win-win for Brisbane’s residents, businesses and the wider communityNew City Mayor Tim Carmoyle has announced the creation of a $30 million Brisbane City Bonds fund to fund infrastructure projects in the CBD, as well as a $25m New City Fund for the City.
He said the $25million in the city’s parks fund was to fund the creation and expansion of more than 2,000 new park spaces.
“The funds are being allocated to Brisbane City Parks to enable the creation, expansion and operation of new parks in the Greater Brisbane region, which will further stimulate the growth and development of the city,” Mr Carmody said.
“Brisco City will have a major role to play in helping to create the economic and cultural vibrancy and revitalisation that is so important for the future of Brisbane.”
He said new parks and recreation spaces would be funded through the new $25mn Bond fund, while the $10m will be for the development of Brisbane’s heritage areas.
The $25M will be used to finance park projects in City of Sunrise and City of Bayswater, as part of a new $100m infrastructure investment plan for the two areas, which includes the construction of a community garden.
Mr Carmody also announced a $20m increase in city council funding for the city, from $2.5 million to $3.4 million.
He also announced the introduction of a Brisbane City Tax levy, which is designed to encourage economic growth and improve city services.
The new City Treasurer said the Brisbane Budget will be released in September.
“It will be an important document for all Brisbaneers and a great opportunity for us to work with the Federal Government to address some of the issues that are affecting Brisbane,” Mr Carr said.
Briscom City Council has also announced it will begin the process of applying for the $5 million Queensland City Tax, which it is seeking to raise from its residents to fund its capital projects.