News

54-year-old document could be worth millions to ratepayers

Rockhampton Mayor Margaret Strelow with the agreement which gives Rockhamton Regional Council a $17 million stake in Port Alma. Photo: Chris Ison / The Morning Bulletin
Rockhampton Mayor Margaret Strelow with the agreement which gives Rockhamton Regional Council a $17 million stake in Port Alma. Photo: Chris Ison / The Morning Bulletin Chris Ison

IT's the 54-year-old document that could be worth $17 million to Rockhampton region ratepayers.

The four-page Act of Parliament had been forgotten about for decades but has suddenly become extremely valuable as it represents Rockhampton's claim to a share of Port Alma should it be sold off by the state government.

Between 1960 and 2008 Rockhampton City Council paid an estimated $90,000 a year (a calculation based on CPI increases) to the state coffers to pay off a major wharf upgrade at Port Alma.

Rockhampton Regional Council Mayor Margaret Strelow, a long-time board member of the Port of Rockhampton before it merged with the Gladstone Ports Authority, unearthed the "agreement'' from state archives when the asset sales were proposed by the Newman Government.

She advised treasurer Tim Nicholls of the claim when he visited the city last month for a civic leaders community forum as part of the Strong Choices discussion to pay down debt. 

Cr Strelow said the treasurer was surprised to hear of Rockhampton's stake but told her he would keep it "top of mind" should a sale go ahead.

So does Cr Strelow regard council's claim as fully legitimate and compelling?

"Absolutely,'' she said as she produced the council's ace in the state asset-sale pack.

"I am writing a letter to the treasurer to formalise the matter.''

"The agreement was initially about a particular loan but then talks about continuing to underwrite the board.'' 

Council officers have calculated that the net present value of its contribution in today's dollar value was $17,339,000. 

Council signed up for the agreement with the Rockhampton Harbour Board to pay back a loan which was needed to build a new "breast wharf'' at the state-owned port in 1960.

It appears that the state had been reluctant to invest in the wharf at the time so Rockhampton council stepped up and agreed to pay for the works by way of a 40-year loan.

Council's case is that it has paid for a section of the infrastructure so therefore it can claim a share when if it's sold.  

 

Port Alma Payoff  

- October 11, 1969: 2000 people attend Port Alma to celebrate a 10-year expansion. - Cost $4 million : The new wharf complex was described as 'the most important milestones in the history of the Port of Rockhampton'.  

Topics:  port alma



Six hideaway bars to escape winter chill

THE last season of GoT finally uttered the words we’ve been waiting six seasons to hear and now that the weather has cooled down in Brisbane, “winter is here.”

Our six art gallery picks for a creative day out

Queensland's Gallery of Modern Art always has a fun, exciting and interesting exhibition on show for the whole family to enjoy.

YOU'D be mistaken in thinking Brisbane wasn't an arty city.

Brisbane's arts and culture events centre stage

You loved the film, now you're about to love the musical. Don't miss The Bodyguard The Musical in Brisbane this July.

THE arts and culture events you don't want to miss.

Homewares stores to fulfil your Instagram dreams

No Caption

You too can become an Insta-star with these fab stores.

Date nights under $50

Nothing is more romantic than a picnic with a cracking view.

NOT every date has to cost you a bomb.

Top 10 Brisbane experiences to cross off your bucket list

Do yourself a favour and get amongst the food truck scene. Eat Street is a great place to start.

A GOOD bucket list doesn’t have to span continents or cost millions.

Six mega sporting events you need to be at this year

Don't miss all the action trackside this season.

IF THERE is one thing Brisbane does damn well, it’s play host.

University career put on hold for the greater good

Jack Nicoll is heading to Tanzania to help with charity work.

Rocky to Tanzania for charity mission

Strelow stays positive on Adani talks

Mines Minister Anthony Lynham, Premier Annastacia Palaszczuk and Adani's Jeyakumar Janakaraj. Shadow Mines MInister, Andrew Cripps says the government's support is nothing more than a publicity stunt.

Discussions continue as Qld Govt agree to facilitate funding

Breaking: Owner's anger as prized Rocky racehorses left mutilated

The damage from a hit and run incident involving trainer Laurie Clem and his horses.

Rocky racehorses worth big dollars left for dead on roadside

Local Partners

WATCH: Judah battles his emotions as he makes Top 12

Judah Kelly has made it through to the top 12 of Australia's The Voice competition.

Karl Stefanovic's rant about Schapelle Corby 'a bit rich'

Karl Stefanovic is sick of hearing about Schapelle Corby.

Maybe he just wanted to make himself the story.

Could Schapelle be heading for Gladstone?

Australian Schapelle Corby is escorted by Bali Police at the parole office in Denpasar, Bali, Indonesia, 27 May 2017.

Schapelle's mother teases her free daughter could be Gladstone bound

Six things you never knew about Men in Black

Mushu the pug

It's been 20 years since Men in Black first hit cinemas

10 strange stories behind famous sex scenes

Khaleesi and Khal Drogo in a steamy moment.

Every set has their own way of filming sex scenes

HBO spills new details on Game of Thrones’ final season

Game of Thrones’ eighth and final season will only have six episodes.

New details about what to expect from the eighth, final instalment.

Karl’s rant on Corby: ‘Made to look like idiots’

Karl Stefanovic is sick of hearing about Schapelle Corby.

Today co-host launched a tirade against Schapelle Corby media circus

New $46.7m counter-terrorism facility to be built in Wacol

Premier Annastacia Palaszczuk, pictured with Police Commisioner Ian Stewart, has announced plans to build a new counter-terrorism facility in Wacol.

The facility will be built over three years.

Home to a sex worker: Sordid history of iconic Coast shed

Milojevic Djordjevic's daughter Linda at the derelict shed on Yandina-Coolum Road.

The shed was once a liveable 'barrack'.

This is real estate's billion-dollar man

Bob Wolff at AREC with John McGrath of McGrath Real Estate.

They don’t call him the “Billion dollar man” for nothing

Man's amazing comeback from monster crisis

Pat O'Driscoll agents Penny Keating and Doug Webber sold 56 Agnes St, The Range at auction over the weekend.

NOT long ago, he sold his possessions to pay staff. Now he's back.

Deluge brings massive price rise for property near Rocky

BIG BUY: The Howard family handed over Yaamba's historic Balmoral property to the Harvey family on Thursday.

DOWNPOUR'S perfect timing entices buyer to pay huge dollars.

Ready to SELL your property?

Post Your Ad Here!