OASIS TO PENALISE RATEPAYERS

The Oasis Development claimed the heads of Sydney council and now its ratepayers will be hit with a $600,000 to “redeem land they already own.

Liverpool City Council reached an agreement at the end of May 2007, with Macquarie bank to rid itself of the failed Oasis project. The payment announced by Council Administrator Gabrielle Kibble. Releases the Council from which included sporting, residential and commercial development in Liverpool ended in a scandal and led to the Council’s dismissal in 2004.

The project was to have been a joint venture between the Macquarie Bank, the Canterbury Bulldog Club and the Liverpool City Council.  The Bulldogs Club set off the collapse of the scheme in 2002 after it was made public funds from the project were being utilised to make payments to rugby league players that breached the salary cap regulations.

Liverpool City Council and Macquarie Bank then entered into public/private agreements to carry the trouble scheme through. That also crashed when investigations exposed there were no possible way the project would yield the profits Macquarie Bank expect from it. Ms Kibble said the payout releases both parties from memorandum of understanding entered into by the “provision for break payment.” It also will allow the council as part of the Oasis Development, which included a control of five parcels of land: Rose St depot, paciullo Park and three CBD car parks in Bathurst St, Northumberland St, and George St.

The last one off payment means the Council is free from any further claims by the Bank. However, Ms Kibble said the payment was the best way to finalise the matter and allow them to walk away from the Oasis project. “This is a significant step forward for the Council following an extended period of negotiations, and locks the door on the Oasis era,” Ms Kibble said.

“Importantly, this agreement returns to the Council’s control prominent sites in Liverpool City, which will ensure that the Council maintains its ability to deal with its key, stragegic assets for the benefits of the Liverpool Community.”

Former Councillor Stephen Dobell-Brown, who opposed the Oasis propoposal said the money to cover the failed  project  should come out of the pockets of the nine Councillors who approved it, not to rate payers. The Macquarie Bank refused to comment.