Businesses within the Toowoomba Region received a boost this week with the adoption of a Temporary Economic Development Incentives for Non-Residential Development Policy.
Approved at Toowoomba Regional Council’s (TRC) Ordinary Meeting, Mayor Paul Antonio said the new policy provided incentives that will lower the cost of industrial development.
“We’re 100 per cent focused on how we can support our community as we recover from the COVID-19 pandemic,” Mayor Antonio said.
“Earlier this year we endorsed a number of initiatives and committed to a $50 million pandemic response however feedback from our community has indicated there are areas where some small changes could achieve real economic benefits and this policy seeks to do just that.
“In setting these incentives we did a lot of benchmarking against other Councils and believe what we have put on the table is quite an attractive proposition, particularly to those in regional townships.
“This policy encourages the creation of new industrial lots and construction on industrial land to stimulate new employment across the Region to minimise the economic downturn experienced as a result of the pandemic.”
Under the policy there will be a capped discount available on infrastructure charges for Material change of use (MCU) of premises for industry activities and discounting infrastructure charges applicable to 30 new non-residential lots on land zoned for industrial development.
Infrastructure charges for new MCU – Industry Activities is discounted by 50% in the Urban Charge Area or 100% in the Township or Rural Charge Areas up to a maximum discount of $100,000 per application.
The larger percentage discount applied to Township and Rural Charge Areas recognises the need to provide greater incentive for development in those areas that experience more challenges in attracting investment than the Toowoomba urban area.
“Through lowering the costs of development this policy will encourage the creation of new industrial lots and construction of new industrial properties that generate additional economic activity and employment to assist the Toowoomba Region to recover from the COVID-19 pandemic,” Mayor Antonio said.
“In total Council has committed $2 million to this policy which is available until 30 June 2022.”
