I was thrilled to see the State Parliament legislation for the acquisition of the former Pasminco site. It is a major win for the city and it will support the long-term prosperity of Lake Macquarie and the wider Hunter and Central Coast regions.
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The NSW government's decision to acquire the land means the city can push ahead with realising this site's enormous potential. With the possibility for 80ha of residential development and 40ha of commercial land, it is estimated to provide $1.8 billion in economic benefits to the region and the state, while it is estimated to create 1125 direct construction and a further 1650 jobs in retail and associated industries once it is up and running.
The land is one of the largest redevelopment precincts in the Hunter and it is integral to Lake Macquarie's North West Catalyst Area, identified in the Greater Newcastle Metropolitan Plan. The north-west part of our city offers incredible opportunity for employment, development, housing and transport for regional NSW. Coupled with the recent green light for the final stage of Munibung Road extension, the vision for the North West Catalyst Area is coming to life. The acquisition of this land is one of the biggest catalytic opportunities the NSW government could deliver for regional NSW. It has taken a significant amount of work to get to this point and I acknowledge the work of council and staff, Dantia, former Parliamentary Secretary for the Hunter Scot Macdonald, Member for Lake Macquarie Greg Piper MP, as well as other local MPs and the NSW government.
I was heartened to hear speeches from MPs during the passing of the Bill, including Minister for Water, Property and Housing the Hon Melinda Pavey MP, saying that the NSW government has committed to continued care and support for the community and tackling the Pasminco legacy head-on, including the management of the containment cell in perpetuity. No doubt these conversations must continue with residents in Boolaroo and Speers Point.
Congratulations to all involved. Sometimes in politics we forget that we are there to grow and support our communities, but this demonstrates that when we have solidarity amongst councillors and when all levels of government work together across the political divide we can deliver substantial results.
It is a significant step that will see our region prosper well into the future.