In consideration of each party’s interest in developing the ACT and NSW land and working jointly to achieve aligned objectives for the development, it was agreed that the equity each party had in their own land would form the basis for an equivalent share of a joint venture.
Based on the land contribution and the projected financial outcome, a ratio of 60:40 was agreed as representative of each party’s share of the project. This split was as a result of a rigorous assessment of the proposal by central Government agencies all of which led to the ACT Government endorsement of the project in May 2016. The rigour of these processes ensures that the governance and probity under which the project operates are following best practice for this type of venture.
It is noted that the Corkhill family, in surrendering its ACT grazing leases which were not due to expire until 2103, received compensation at rural land values only.
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