Special rate will add $100 to Cobaki rates
HOMEOWNERS at the planned Cobaki Lakes residential estate will pay about an extra $100 annually in rates to help maintain bushland at the site, west of Tweed Heads.
While initially resisting it, development company Leda said they were now happy with a permanent special rate variation that has been approved for the estate, which will eventually have 5500 dwellings.
After lengthy negotiations between Tweed Shire Council and the company, owned by developer Bob Ell, a 0.97% special rate variation has been approved by the Independent Pricing and Regulatory Authority (IPART).
The company will initially pick up the cost of the increase which will be imposed from 2016/17 on top of IPART’s approved 1.8% rise for the same period.
But the special rate will then be borne by individual homeowners.
“It will probably work out to about $100 per property per year,” a Leda spokesman said.
“Initially, we resisted it but it’s been an amicable resolution.”
Deputy Mayor Gary Bagnall said the rate was welcomed by all.
“It will ensure that the endangered ecological communities, the bushland and the wildlife will be cared for forever,” Cr Bagnall said.
Cobaki is on track to have the first properties come online by late next year.
Negotiations remain under way with Southern Cross University for a campus to be built there.
Cobaki Lakes has been identified by the State Government as one of the largest contributors for the provision of new housing and employment within the shire over the next 25 years.
It is expected to be home to between 10,000 and 12,000 people.