A parking solution for the $360 million University of Tasmania's relocation to Inveresk has been found under a new $1.3 million proposal.
The Launceston Show Society approached the university late last year to discuss a car park expansion.
Land already secured for a car park will be expanded to incorporate the land leased by the Launceston Show Society. The car park is expected to cost $5 million.
More than 850 spaces will be made available. This, combined with parking opportunities in the middle of the Precinct and south of the North Esk River, will provide more than 1100 car spaces and ensure that current public parking demand in the precinct of 527 spaces will be met, the university said.
The land is currently leased from the City of Launceston council, who are expected to vote on changing the lease at its next meeting. The show society would surrender its lease to the university, however the university would fund the car park.
A 500-space parking lot at Glebe Farm was proposed as part of the university's Inveresk master plan after it was released in June last year. However negotiations between the owners broke down.
A redesign of the half-circle car park will also provide 159 spaces for the public.
Pro Vice-Chancellor Professor Dom Geraghty said the new plan was a strong proposal that provided a good outcome for the university, the council and the show society.
Show society president Brian Bennett said the deal was a win win.
"Our current site is too small and creates challenges for putting on the Royal Launceston Show, so we have been keen to explore new locations," he said.
"We are thrilled with this result, which goes a long way to securing the future of the Launceston Show ... The show will go on."
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Parking and traffic around Inveresk has been a contentious issue since the university announced its Northern Transformation Program, with the issue leading debates and community feedback during the master plan development.
The campus is expected to be built over three stages. Approval for the first stage, being the library and a pedestrian bridge, has already been supported by the City of Launceston council.
The show will be held on the site in 2020, with this deal giving them some "financial security", they said.
The council agenda is expected to be released on Friday afternoon. The meeting will be held on Thursday.
If the plan proceeds, the university expects to begin work on the northern car park at the end of 2020, after the show has been held.
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