{"id":34389,"date":"2020-09-03T00:16:52","date_gmt":"2020-09-02T14:16:52","guid":{"rendered":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/?p=34389"},"modified":"2020-09-02T14:24:07","modified_gmt":"2020-09-02T04:24:07","slug":"city-civic-precinct-borrow","status":"publish","type":"post","link":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/city-civic-precinct-borrow\/","title":{"rendered":"City to borrow $41 million for Civic Precinct"},"content":{"rendered":"

THE City of Greater Geelong council is pressing on with its plan to go further into debt to fund the construction of the Civic Precinct, authorising $45 million in new loans.
\nAt their meeting last week, councillors resolved to authorise the city\u2019s chief executive officer Martin Cutter to begin the loan procurement process.
\nThe revised loan borrowings will result in a loan balance of $116.1 million as of June 30, 2021.
\nThe city\u2019s 2020-21 budget included provisions for new borrowings of $66.9 million, including $7.3 million in deferred borrowings from 2019-20.
\nBased on projected cash flow requirements, $41 million of the borrowings is sought for the Civic Precinct \u2013 which will also be partly funded by asset sales \u2013 and the remaining $4 million for the council\u2019s LED Streetlighting and Smart Controls project.
\nThe $41 million loan will be for a term of 10 years with fixed interest repayments, while the $4 million loan will also be 10 years but with principal and fixed interest repayments.
\nThe council has budgeted borrowing a total of $50 million for the Civic Precinct<\/a> but does not yet need to borrow the remaining $9 million.
\nThe council\u2019s finance portfolio chair, Cr Anthony Aitken, said the size of the loan \u201cmay scare a lot of members of the community and also councillors that are frightened by financial numbers\u201d but the Civic Precinct now being built in Geelong\u2019s Mercer Street was a significant investment.
\n\u201cWhat the community should have confidence in is that the cost of money is the cheapest it\u2019s ever been in the world at the present time, and it is prudent for us to be in that marketplace, to be borrowing money and maximising the return we can get for the community for investments.\u201d
\nHe said the council had the servicing capacity to start a $45 million loan as well as the operating and expenditure review capacity to pay the associated interest.
\nCr Eddy Kontelj supported the motion but sounded a note of caution about \u201cthe future burden this will put onto the council\u201d, and future councils might have a different attitude.
\n\u201cWhile Cr Aitken is absolutely right \u2013 interest rates are low today \u2013 we all know they will not remain low forever and a day.\u201d
\nHe said the council had discussed future ownership models for the Civic Precinct \u201cand owning the building is not the only model out there\u201d.
\nCouncillors also authorised a doubling of the overdraft in the city\u2019s existing banking agreement, from $5 million to $10 million.
\nThe report to councillors stated that \u201cdue to the impacts of COVID-19 and current operating environment, additional flexibility is required to meet short-term operating needs\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"

THE City of Greater Geelong council is pressing on with its plan to go further into debt to fund the construction of the Civic Precinct, authorising $45 million in new loans. At their meeting last week, councillors resolved to authorise the city\u2019s chief executive officer Martin Cutter to begin the loan procurement process. The revised […]<\/p>\n

Read More…<\/a><\/p>\n","protected":false},"author":142,"featured_media":34390,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7],"tags":[],"post_folder":[],"class_list":["post-34389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"\nCity to borrow $41 million for Civic Precinct - Geelong Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/city-civic-precinct-borrow\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"City to borrow $41 million for Civic Precinct - Geelong Times\" \/>\n<meta property=\"og:description\" content=\"THE City of Greater Geelong council is pressing on with its plan to go further into debt to fund the construction of the Civic Precinct, authorising $45 million in new loans. At their meeting last week, councillors resolved to authorise the city\u2019s chief executive officer Martin Cutter to begin the loan procurement process. The revised [...]Read More...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/city-civic-precinct-borrow\/\" \/>\n<meta property=\"og:site_name\" content=\"Geelong Times\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-02T14:16:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/timesnewsgroup.com.au\/geelongtimes\/wp-content\/uploads\/sites\/21\/2020\/09\/Untitled-design-14.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"James Taylor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"James Taylor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/news\\\/city-civic-precinct-borrow\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/news\\\/city-civic-precinct-borrow\\\/\"},\"author\":{\"name\":\"James Taylor\",\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/#\\\/schema\\\/person\\\/c1765be3a722a2023e6ce64487db8b45\"},\"headline\":\"City to borrow $41 million for Civic Precinct\",\"datePublished\":\"2020-09-02T14:16:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/news\\\/city-civic-precinct-borrow\\\/\"},\"wordCount\":436,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/news\\\/city-civic-precinct-borrow\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/static.timesnewsgroup.com.au\\\/prod\\\/uploads\\\/sites\\\/21\\\/2020\\\/09\\\/Untitled-design-14.png\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-AU\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/news\\\/city-civic-precinct-borrow\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/news\\\/city-civic-precinct-borrow\\\/\",\"url\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/news\\\/city-civic-precinct-borrow\\\/\",\"name\":\"City to borrow $41 million for Civic Precinct - Geelong Times\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/news\\\/city-civic-precinct-borrow\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/news\\\/city-civic-precinct-borrow\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/static.timesnewsgroup.com.au\\\/prod\\\/uploads\\\/sites\\\/21\\\/2020\\\/09\\\/Untitled-design-14.png\",\"datePublished\":\"2020-09-02T14:16:52+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/news\\\/city-civic-precinct-borrow\\\/#breadcrumb\"},\"inLanguage\":\"en-AU\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/news\\\/city-civic-precinct-borrow\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/news\\\/city-civic-precinct-borrow\\\/#primaryimage\",\"url\":\"https:\\\/\\\/static.timesnewsgroup.com.au\\\/prod\\\/uploads\\\/sites\\\/21\\\/2020\\\/09\\\/Untitled-design-14.png\",\"contentUrl\":\"https:\\\/\\\/static.timesnewsgroup.com.au\\\/prod\\\/uploads\\\/sites\\\/21\\\/2020\\\/09\\\/Untitled-design-14.png\",\"width\":1200,\"height\":630,\"caption\":\"Of the $45 million in new debt, $41 million will go towards the Civic Precinct in central Geelong.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/news\\\/city-civic-precinct-borrow\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"City to borrow $41 million for Civic Precinct\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/#website\",\"url\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/\",\"name\":\"Geelong Times\",\"description\":\"Free local news\",\"publisher\":{\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-AU\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/#organization\",\"name\":\"Geelong Times\",\"url\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/static.timesnewsgroup.com.au\\\/prod\\\/uploads\\\/sites\\\/21\\\/2020\\\/09\\\/times_logo_1.png\",\"contentUrl\":\"https:\\\/\\\/static.timesnewsgroup.com.au\\\/prod\\\/uploads\\\/sites\\\/21\\\/2020\\\/09\\\/times_logo_1.png\",\"width\":248,\"height\":37,\"caption\":\"Geelong Times\"},\"image\":{\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/#\\\/schema\\\/person\\\/c1765be3a722a2023e6ce64487db8b45\",\"name\":\"James Taylor\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8806dd1b3d7d759df0e11347cb4538247cb0593856e831613ecbf76c9c59eb4b?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8806dd1b3d7d759df0e11347cb4538247cb0593856e831613ecbf76c9c59eb4b?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8806dd1b3d7d759df0e11347cb4538247cb0593856e831613ecbf76c9c59eb4b?s=96&d=mm&r=g\",\"caption\":\"James Taylor\"},\"url\":\"https:\\\/\\\/timesnewsgroup.com.au\\\/geelongtimes\\\/author\\\/james\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"City to borrow $41 million for Civic Precinct - Geelong Times","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/city-civic-precinct-borrow\/","og_locale":"en_US","og_type":"article","og_title":"City to borrow $41 million for Civic Precinct - Geelong Times","og_description":"THE City of Greater Geelong council is pressing on with its plan to go further into debt to fund the construction of the Civic Precinct, authorising $45 million in new loans. At their meeting last week, councillors resolved to authorise the city\u2019s chief executive officer Martin Cutter to begin the loan procurement process. The revised [...]Read More...","og_url":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/city-civic-precinct-borrow\/","og_site_name":"Geelong Times","article_published_time":"2020-09-02T14:16:52+00:00","og_image":[{"width":1200,"height":630,"url":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/wp-content\/uploads\/sites\/21\/2020\/09\/Untitled-design-14.png","type":"image\/png"}],"author":"James Taylor","twitter_card":"summary_large_image","twitter_misc":{"Written by":"James Taylor","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/city-civic-precinct-borrow\/#article","isPartOf":{"@id":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/city-civic-precinct-borrow\/"},"author":{"name":"James Taylor","@id":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/#\/schema\/person\/c1765be3a722a2023e6ce64487db8b45"},"headline":"City to borrow $41 million for Civic Precinct","datePublished":"2020-09-02T14:16:52+00:00","mainEntityOfPage":{"@id":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/city-civic-precinct-borrow\/"},"wordCount":436,"commentCount":0,"publisher":{"@id":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/#organization"},"image":{"@id":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/city-civic-precinct-borrow\/#primaryimage"},"thumbnailUrl":"https:\/\/static.timesnewsgroup.com.au\/prod\/uploads\/sites\/21\/2020\/09\/Untitled-design-14.png","articleSection":["News"],"inLanguage":"en-AU","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/city-civic-precinct-borrow\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/city-civic-precinct-borrow\/","url":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/city-civic-precinct-borrow\/","name":"City to borrow $41 million for Civic Precinct - Geelong Times","isPartOf":{"@id":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/#website"},"primaryImageOfPage":{"@id":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/city-civic-precinct-borrow\/#primaryimage"},"image":{"@id":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/city-civic-precinct-borrow\/#primaryimage"},"thumbnailUrl":"https:\/\/static.timesnewsgroup.com.au\/prod\/uploads\/sites\/21\/2020\/09\/Untitled-design-14.png","datePublished":"2020-09-02T14:16:52+00:00","breadcrumb":{"@id":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/city-civic-precinct-borrow\/#breadcrumb"},"inLanguage":"en-AU","potentialAction":[{"@type":"ReadAction","target":["https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/city-civic-precinct-borrow\/"]}]},{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/city-civic-precinct-borrow\/#primaryimage","url":"https:\/\/static.timesnewsgroup.com.au\/prod\/uploads\/sites\/21\/2020\/09\/Untitled-design-14.png","contentUrl":"https:\/\/static.timesnewsgroup.com.au\/prod\/uploads\/sites\/21\/2020\/09\/Untitled-design-14.png","width":1200,"height":630,"caption":"Of the $45 million in new debt, $41 million will go towards the Civic Precinct in central Geelong."},{"@type":"BreadcrumbList","@id":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/city-civic-precinct-borrow\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/"},{"@type":"ListItem","position":2,"name":"City to borrow $41 million for Civic Precinct"}]},{"@type":"WebSite","@id":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/#website","url":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/","name":"Geelong Times","description":"Free local news","publisher":{"@id":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-AU"},{"@type":"Organization","@id":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/#organization","name":"Geelong Times","url":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/","logo":{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/#\/schema\/logo\/image\/","url":"https:\/\/static.timesnewsgroup.com.au\/prod\/uploads\/sites\/21\/2020\/09\/times_logo_1.png","contentUrl":"https:\/\/static.timesnewsgroup.com.au\/prod\/uploads\/sites\/21\/2020\/09\/times_logo_1.png","width":248,"height":37,"caption":"Geelong Times"},"image":{"@id":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/#\/schema\/person\/c1765be3a722a2023e6ce64487db8b45","name":"James Taylor","image":{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/secure.gravatar.com\/avatar\/8806dd1b3d7d759df0e11347cb4538247cb0593856e831613ecbf76c9c59eb4b?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/8806dd1b3d7d759df0e11347cb4538247cb0593856e831613ecbf76c9c59eb4b?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8806dd1b3d7d759df0e11347cb4538247cb0593856e831613ecbf76c9c59eb4b?s=96&d=mm&r=g","caption":"James Taylor"},"url":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/author\/james\/"}]}},"_links":{"self":[{"href":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/wp-json\/wp\/v2\/posts\/34389","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/wp-json\/wp\/v2\/users\/142"}],"replies":[{"embeddable":true,"href":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/wp-json\/wp\/v2\/comments?post=34389"}],"version-history":[{"count":0,"href":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/wp-json\/wp\/v2\/posts\/34389\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/wp-json\/wp\/v2\/media\/34390"}],"wp:attachment":[{"href":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/wp-json\/wp\/v2\/media?parent=34389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/wp-json\/wp\/v2\/categories?post=34389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/wp-json\/wp\/v2\/tags?post=34389"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/wp-json\/wp\/v2\/post_folder?post=34389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}