The councils previous LTCCP proposed a regional performing arts and conference centre structured as a three way regional partnership equally funding a total capital commitment of $30M with the capital costs very roughly split at around 50% for the arts venue and 50% for the conference venue.
However the collapse of that regional arrangement caused council to secretly change the project to a community facility and that secret change has forced council into a structural change, with the PAC now being touted as a public private partnership. While information is being deliberately limited, it currently appears that this new partnership will be a two way public private partnership with one partner being responsible for the performance venue and the other for the conference venue.
However that structural change is being covertly used to camouflage and hide a massive ratcheting up of the scale and costs of this rogue economic white elephant. The LTCCP just issued states
Council's estimated contribution would be up to $32.4 million, NOT including any other funding provided through a Public Private Partnership.Therefore on the assumption that the partnership will be a roughly equal one, then that LTCCP statement is actually declaring that there has been a massive blow out and escalation of the costs of this dreamtime project.
If councils equal share of this project is budgeted at $32.4M then the financial extension of that figure says that the whole project cost has massively escalated and is now estimated at $64.8M.
Whatever the actual figures are, they indisputably reveal a massive hike in this foolhardy project which is responsible for an unacceptable distortion of the rate burden. This project is out of control financial madness and totally imprudent to boot.
