A $5.3 MILLION transfer of Inveresk and Willis Street titles to the University of Tasmania is set for approval on Monday by the Launceston City Council.
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The land would be used to deliver a proposed $220 million development plan for the university’s inner city campus development, which it says will generate 160 jobs and attract 10,000 new students.
The council will hear from university provost and deputy vice-chancellor Mike Calford before the item is discussed at its general meeting at 1pm.
Council officers recommended the council transfer 20,997 square metres of land subject to a series of conditions.
Conditions include the development continue consistent with commitments from the university in a document signed by Professor Calford on November 4, unless agreed to by the council.
The council also stipulated that written confirmation of available funding is available to relocate ‘‘substantially all’’ of the university’s Newnham operations, excluding the Australian Maritime College.
The university must also agree that if the relocation is not completed on the land within five years from the granting of its development approval, or in the event that the land ceases to be used by the university for educational purposes, the value of the land must be paid to the council.
Launceston mayor Albert van Zetten said the council may still opt to sell the land to the university, depending on the outcome of the debate between aldermen.
However, Alderman van Zetten said the potential value of the university development in the city would outweigh the $5.3 million sum.
‘‘Potentially, a favourable decision from the council could lead to a $220m capital investment on the doorstep of our CBD,’’ Alderman van Zetten said.
‘‘Modelling from UTAS indicates that by 2025, the economic impact of a relocation to Inveresk could top $290 million annually.
‘‘Importantly, UTAS has repeatedly stated on the public record that courses will be expanded in Launceston, providing new educational offerings.
‘‘This will be a very important decision for our city and for its future as a University city, and I look forward to hearing the views around the table on Monday.’’
The university also projected annual figures of $230 million from students, $60 million from new jobs and the support of 500 indirect jobs as part of the development.
