Parramatta Council proposes value capture to reduce infrastructure funding gap

Lead the way: “Infrastructure is a critical component of any great city and we have to plan for the future to ensure our needs are met," council's Amanda Chadwick said.

Lead the way: “Infrastructure is a critical component of any great city and we have to plan for the future to ensure our needs are met," council's Amanda Chadwick said.

As Parramatta grows, so does the demand.

Parramatta Council has started the conversation on how the $1 billion worth of future infrastructure needed should be funded.

The Draft Parramatta CBD Infrastructure Needs Analysis is part of a discussion paper now on public exhibition, which explores funding options to ensure the delivery of infrastructure. The paper estimated a funding gap of between $394 and $549 million over the next 40 years. 

A proposed value sharing scheme could reduce the gap to between $26 and $312 million, where those who benefit from planning decisions contribute towards the cost. It would only apply to new residential developments in CBD and where developers seek densities above current planning controls.  

“This is about Parramatta exploring innovative options for delivering Sydney’s Central City, as envisioned by the Greater Sydney Commission,” council administrator Amanda Chadwick said.

Sydney Business Chamber western Sydney director David Borger commended the council’s leadership.

“It’s a great starting point,” he said. “Great cities need to be great places. We need to rethink Parramatta. It’s not just another city – it’s going to become the second CBD of NSW. I think most developers, investors and businesses would be happy to contribute but there needs to be limits. It can’t be a bottomless pit.”

  • Submissions close March 24. Go to cityofparramatta.nsw.gov.au.