TRC extends three economic development incentive policies

Toowoomba Regional Council (TRC) today (June 23, 2022) approved extensions to three economic development incentive policies that are designed to stimulate business activity across the Region.

Council’s June Ordinary Meeting today approved the Economic Development Committee recommendations that are designed to encourage business and industry development applications that are eligible for Council discounts under the Temporary Economic Development Incentives for District Townships policy, the Non-Residential Development policy and the Intensive Horticulture policy.

Toowoomba Region Mayor and Economic Development Committee chair Cr Paul Antonio said Council was pleased to continue the policies to offer incentives to boost growth across the Region’s towns and respective industry sectors.

“The Temporary Economic Development Incentives for District Townships policy is designed to offer incentives for establishing long-term accommodation, particularly retirement and residential care facilities, among other developments, across the Region,” Mayor Antonio said.

“Council will offer up to $1 million per financial year for this incentive program in a bid to drive development across a range of business, industry, essential services (including vets and medical care services) and residential applications. These types of development will be eligible for consideration for a reduction in infrastructure charges.

“Health services are not only the largest employer across the Region, but often a major, if not the leading employer in our towns.

“Council feels it is timely and appropriate to extend these incentives to help people stay in their home districts where possible.

“There has been strong growth in residential care services and social assistance services across the Region in recent years and Council is keen to see a greater uptake of this incentive policy to meet this demand and cater for other business activity.”

Mayor Antonio said a two-year extension (to June 30, 2024) would be offered for applications under the Temporary Economic Development Incentives for Non-Residential Development policy to lower the cost of industrial development.

He said the industrial development incentive, which was introduced in late 2020, was designed to encourage the creation of new industrial lots and/or industrial development to stimulate employment growth and economic activity, particularly as a response to boost the recovery from the Coronavirus pandemic.

Similarly, Mayor Antonio said the Temporary Economic Development Incentives for Intensive Horticulture policy recognised the economic development opportunities in the Region’s intensive horticulture industry.

“Council has identified high technology greenhouses as a sector that will bring new opportunities to the Region and will have a positive economic impact, particularly on regional areas,” he said. “By extending this policy until June 2025, Council is assisting prospective investors, who typically have a longer lead time around their investment decisions. “We have seen the emergence of intensive horticulture operations in recent years and I’m confident this incentive will encourage others to realise their plans.”

The incentives will be attributed to eligible developments on a first lodged, first served basis.

Policy details: Temporary Economic Development Incentives for District Townships policy: The policy has been extended to June 30, 2025. The policy has an annual cap of $1 million, with $3 million for the policy’s duration. The policy applies to development approvals in approved areas of Yarraman, Goombungee, Crows Nest, Hampton, Meringandan, Gowrie Junction, Kingsthorpe, Oakey, Jondaryan, Cecil Plains, Top Camp, Vale View, Wyreema, Cambooya, Greenmount, Nobby, Clifton, Pittsworth, Millmerran, Gowrie Mountain, Kulpi and Haden. Thirteen applications have been approved for a total of $484,000 in discounts since 2019.

Temporary Economic Development Incentives for Non-Residential Development policy: The policy has been extended to June 30, 2024.

Temporary Economic Development Incentives for Intensive Horticulture policy: The policy has been extended to June 30, 2025. Applicants could be eligible for a maximum discount of $100,000 per premises, out of a total program pool of $1 million.