Trust Offers Extra Funding to Districts
Media Release, 12 December 2005
Development Trust Offers Extra Funding to Districts
The West Coast Development Trust has increased the annual allocation for Major District Initiatives funding from $1 million to $1.2 million per year and extended the fund’s availability beyond the initial 9 year period to a maximum of 15 years for an individual project. This is intended to further assist each District with the financing of their Major District Initiatives, such as the construction of sports or community facilities in their region.
“This will mean that an approved project in each district can now receive up to a total of $6 million over 15 years” said Trust Chairman Frank Dooley.
The Trust will consider funding up to 50% of the total costs for each approved project, which will allow projects of up to $12 million to be subsidized. There is no specific closing date and applications will be considered at any time.
Funds started to accrue from 1st July 2005 and will continue to accumulate until a project in each district has been approved. Payment of the accrued total will then be made and subsequent payments made at the rate of $100,000 per quarter per District.
Availability of Major District Initiative funding each year will be subject to the Trust receiving returns in excess of its minimum growth targets. Projects will be subject to the usual Advisory Body and Trust approval processes, and any project approved will not be eligible for any additional Trust funding.