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Published On: Wed, Aug 17th, 2011

Allconnex Split to be Reversed?

The GoldCoast.com.au is reporting that the vote for the Gold Coast City Council to split from Allconnex could be reversed soon due to the costs.

Andrew Potts from the Gold Coast Sun writes :

Vote to reverse Allconnex split ‘inevitable’

Allconnex WaterA VOTE to overturn the divorce by the Gold Coast City Council from Allconnex has been declared `inevitable’.

It could be made as early as next month.

Speculation of a motion was prompted by the price tag of the split which expected to top $200 million.

Councillors will again discuss the issue early next month when council chief executive Dale Dickson will reveal an updated cost of the separation.

Carrara councillor Bob La Castra said a possible $216 million stamp duty fee could put pressure on his eight colleagues to backflip on their previous decision.

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“It is highly likely because with or without the stamp duty figures, the real cost of the split is becoming apparent,” he said.

The State Government has since dismissed concerns the council would be forced to pay stamp duty.

The push to revisit the vote was led by Mudgeeraba’s Ted Shepherd, who voted with his supporters to remain in Allconnex.

The water entity will cease to exist on July 1, 2012, after both the Gold Coast and Redland councils voted to withdraw, leaving Logan City Council as its lone remaining shareholder.

Prior to the release of the stamp duty costs, Labrador councillor Margaret Grummitt, who voted to leave Allconnex urged her colleagues to “accept the umpire’s decision”.

 

You can read the original article here

About the Author

- Glenn Batten is the Principal Licensee of First National Real Estate Upper Coomera which provides residential property sales and property management services throughout the Northern Growth Corridor suburbs of Upper Coomera, Coomera, Pimpama, Willow Vale, Ormeau and Oxenford.

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