A variety of funding sources will be used to enable the University of Tasmania's bold vision for a new campus to emerge from the grounds of Inveresk.
When it was first announced, the development was pegged at a total of $300 million for both campuses - at West Park in Burnie and Inveresk in Launceston.
With a project total of $260 million, the Inveresk campus is the largest venture undertaken by UTAS and will be funded through the Launceston City Deal.
On January 16, 2018, the federal government announced the City Deal and unveiled the campus as its cornerstone, underpinning the initiatives found in the deal.
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The federal government agreed to provide $130 million as its contribution for the new Inveresk campus.
On January 25, 2018, the state government settled its funding agreement with UTAS to provide $60 million and the City of Launceston Council transferred land valued at $5.4 million for the project.
UTAS vice chancellor Rufus Black said the project would "stay within that cost envelope" and the project would not exceed that financial budget - despite investment now reaching more than $300 million.
The main components of the campus will be a staged development, with the first stage, the library and student services building, revealed last month.
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However, UTAS has now reached an agreement with the council on proposed future student accommodation on and off the site (with some to be located in the CBD).
Professor Black said student accommodation would be funded jointly between UTAS and private investment. On-campus student accommodation, to complement the existing student accommodation, has been funded to $45 million but further accommodation in the CBD is budgeted to $9 million.
Professor Black said that took the total investment and finance package for the campus to $314 million but it would not include any more funds from any level of government.
However, investment also budgeted for in the Inveresk master plan is $30 million for the defence precinct to be based at the Australian Maritime College at Newnham, which takes the total investment and cost of the project to $344 million for Launceston and Northern Tasmania.
The defence precinct at AMC received bipartisan support at the federal election and the first stage of the redevelopment was committed to by new member for Bass Bridget Archer.
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Future investment has also been committed to under the new Inveresk master plan, with student accommodation and the next phase of the defence precinct budgeted for a total of more than $80 million.
Investment in Launceston will also be met by the Australian Government's Blue Economy Research Centre, which will be based at the AMC.
It will receive federal government support to the tune of $329 million, which is a 10-year collaboration between 45 national and international partners from industry, research and government, underpinned by a $70 million cash investment from the federal government.