Launceston's City Deal is on track for an extension from five to 10 years after councillors voted this week to agree to the federal government proposal, flagged by Prime Minister Scott Morrison in May.
Federal Population, Cities and Urban Infrastructure Minister Alan Tudge wrote to the City of Launceston council and state government this month, seeking formal agreement to the extension.
Two years into the deal, current investment by the local, state and federal governments now totals more than $450 million.
Key areas of the deal include business, jobs and population growth, kanamaluka/Tamar Estuary health improvements and the University of Tasmania redevelopment. A formal three-year review will be undertaken in the coming year.
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All councillors present voted in favor of the motion at the Thursday meeting, with a number also speaking in support. General manager Michael Stretton will now write to Mr Tudge advising of the council's agreement and commence preparation for the review.
The state government is considering Mr Tudge's request and will provide its response "soon", a spokesperson said.
Speaking at the meeting, Councillor Rob Soward described the extension as a "terrific thing", as when first elected to local government he often saw it "moving in one direction" while state and federal governments moved in another.
"What I see with this is three tiers of government working together which means ... some real strategies, some real targeted funding," he said.
"When you've got three tiers of government working together theoretically - and in reality - the outcomes in my belief are always better.
"That surety to me is the really really important thing - the surety around that 10-year period."
Councillor Paul Spencer agreed, saying it was more money to help the city.
Councillor Hugh McKenzie said: "To me the reality of this is ... about an articulation of a vision which is shared by all three levels of government, which I think is something that has been sadly lacking."
He added it was far better to see funding and election promises directed towards something which benefited all in the long term.
"I think that's the real benefit of what's happening here."
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