Government stakeholders gave a two-year progress update on the Launceston City Deal on Monday.
The deal is aimed at improving the liveability of Launceston as a whole and includes the development of the City Heart projects, improving the Tamar River's health and the University of Tasmania's move to Inveresk.
Federal Population, Cities and Infrastructure Minister Alan Tudge cited numerous milestones attributed to the deal such as an 88 per cent increase in planning application value.
"Overall, this was a plan to make a liveable, innovative city we're well on track for the two-year mark and we've got a lot more to do," he said.
Launceston mayor Albert van Zetten said through collaboration with TasWater on key river health projects relating to the deal, he hoped that "within three to five years we're going to see significant difference in the health of the river."
"This is a huge investment in the river... we'll be making further investments and make sure this is as healthy as it can possibly be," Mr Tudge added.
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The originally five-year deal was expanded to 10 years, with an extra $55 million invested in the project by the federal government.
Mr Tudge said the sods for the next phase of the deal, which will include improving the health of the Tamar River and UTAS campus move will be turned next financial year.
"We're going to see things roll out according to the implementation schedule which we outlined, we're largely on track here, there's somethings that are track here there's something there's a little behind," he said.
Another key City Deal initiative launched was the My Place.
My Future. program which will help establish facility upgrades in Launceston's northern suburbs.
Bass MHR Bridget Archer said the project was about revitalising what has been a long neglected area of the city.
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