THERE are no “missing millions” as often claimed on social media. The $78 million being referred to was a trading loss about 10 years after Ipswich City Council set up a now dissolved company in 2008 to buy the old Ipswich City Square shopping centre.
The assertion that past or present councillors somehow got their hands on wads of council cash is as ludicrous as it is fanciful.
The loss amount was reported at the time by the former administrator.
I’m not a real estate agent, but ratepayers should be confident council’s commercial property portfolio is now worth considerably more than the $45 million paid in March 2009.
Yes, there’s been a boatload spent since, including additional property, but when the time comes for council to eventually sell, we might all be surprised what a good deal it was.
Which brings me to a big moment last week. Hoyts and other major tenants were officially opened by Mayor Harding and councillors Doyle and Augustine.
All councillors were invited.
Paul Tully was unable to attend but as one of the councillors who was there from the beginning of the redevelopment, he told me this week he remains convinced the new cinema and entertainment offerings will drive people back to the CBD.
Tully also said it would be a big boost for the CBD, but getting people there in the evenings will be a challenge.
The first phase of redevelopment announced in December 2010 was the construction of the ICON building.
It has been a long 14 years since. Now the city centre is set to bounce back to life.
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