HOW to fund a multi-million dollar shortfall in the Ocean Drive duplication project to avoid risking $60 million in state government funding will go to an extraordinary meeting of council tonight (March 3).
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A report by infrastructure director Dan Bylsma recommends Port Macquarie-Hastings Council fund the $30 million gap, in what is now potentially a $90 million project, through borrowings and council reserves to move the long-awaited project forward to tender stage.
The report recommends the Ocean Drive duplication be ranked as a higher priority road project than the Lake Road duplication and John Oxley drive duplication.
The report suggests that prior to any recommendation to award the construction contract, council confirms significant additional funding assistance from the federal or state governments for one of these three major road duplication projects.
The recommendation will also seek to incorporate the Ocean Drive Duplication project and funding into council's draft 2021/2022 operational plan and long term financial plan.
The state government's funding commitment is capped, made up of a $10 million special grant following an election commitment in 2011 and a further $50 million announced before the 2019 election.
The council has committed $5.5 million to the project.
Transport for NSW reviewed the project in 2019 to see if it could be internally delivered. This review, applying Transport for NSW's construction approach, has further projected the construction cost estimate to between $81 million and $95 million.
Transport for NSW has indicated it is not prepared to construct the road duplication.
Council is planning to upgrade around 3.4 kilometres of Ocean Drive from two lanes to four lanes between Matthew Flinders Drive to Greenmeadows Drive (south).
In May 2020, councillors agreed unanimously that the general manager and mayor commence detailed discussions with the Federal Member for Cowper, Pat Conaghan and the Minister for Transport, Infrastructure and Regional Development, Michael McCormack, to secure the required additional funding to commence the project.
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