December 9, 2014
The fate of Memerambi Estate should be known within weeks when property owners in the failed sub-division either accept or reject an offer from the South Burnett Regional Council to declare the Estate a “benefitted area”.
If they accept, the Council will borrow an estimated $2.1 million from Queensland Treasury to build missing road and drainage infrastructure on the subdivision.
This would allow property owners to move into their homes.
Owners would then be able to repay their share of the costs (estimated at $25,700 to $29,807, depending on lot size) over an extended period at a low interest rate.
Work on building the missing infrastructure would commence early next year, with the sub-division expected to be fully “normalised” within 18 months.
However if the majority of owners do not agree to the offer, the Council will take no further action.
This would leave the owners with the option of either paying to have the missing infrastructure built themselves, or walking away from their investment.
Mayor Wayne Kratzmann said today he hoped most property owners would accept the Council’s offer because he was keen to see the problem resolved.
“We won’t know the exact interest rate we will be charged until we draw down the funds from Treasury to start work,” he said.
“But whatever it is, it will be pretty close to the lowest interest rate possible and that will be passed on.”
The Mayor said he had great sympathy with Memerambi Estate owners, who had invested in good faith and had been badly let down when the subdivision’s developer went into liquidation in August last year.
But he remained determined other South Burnett ratepayers shouldn’t have to pick up the bill for the situation.
Related articles:
- Council Plugs Memerambi ‘Hole’
- Delays Anger Owners
- Memerambi Owners Offered A Way Out
- Memerambi Solution Inches Closer
- Council Puts An End To Historical Sub-Divisions
- Court Clears Way For Memerambi Solution
- TV Ambush ‘Un-Australian’
- Which Way Now For Memerambi?
- Drainage Problems ‘May Be Solved’
- Memerambi Homes ‘Not For Refugees’
