The University of Tasmania is a step closer to building a $5 million car park in Invermay for students, staff and the public, after the Launceston City Council agreed to lease the land.
The car park is expected to be completed by 2021, subject to permit approval, and will create more than 850 spaces for students, staff and the public.
The Launceston Show Society will cease its lease on the Forster Street car park and UTAS will take it over to meet the demands of its $360-million campus relocation.
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Council's chief executive officer Michael Stretton said the lease would be for a period of 20 years with an option to extend.
"[UTAS] will be responsible for funding and constructing the private and public car parks on the land," he said.
"The council will receive all revenue from the public car park at all times and from the private car park during events, with the exception of UTAS staff/students that have a valid parking permit."
The show society approached UTAS in August 2019 to discuss a car park expansion. It owed the council $151,736.55 and it will be paid back as part of the lease surrender.
Launceston Chamber of Commerce chief executive Neil Grose said surrendering the lease allowed the show society to develop a new vision for their future.
"It's a strong signal to the north that the university transformation is continuing as normal," he said.
"It's a strong signal we are looking forward, that [the relocation] will go ahead, that those local jobs will stay and that local money will stay in our economy."
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The car park development will still need to attain a planning permit from the council, with construction planned to begin after this year's Launceston Show.
Councillor Paul Spencer voted against the decision as he said he wanted more information about the council being responsible for "reasonable maintenance" of the car parks.
"It's a great outcome for the show society, but I don't think it's fair on the ratepayers to be paying for all the maintenance," he said.
Mr Stretton said the maintenance expectations would be finalised with UTAS at a later date.
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