Currently the cost for the Mount Hot Pools upgrade is around $7.5 million, and like any other TCC project, it will have to be funded by the way of debt. A mortgage calculator reveals that $7.5 million borrowed at 6% over twenty five years will cost us $48,322 per month, and at the end of the 25 year loan period we will have paid the bank manager $14.6 million.
None of the twenty four campsites that are required for the upgrade have been pegged out yet already $957.000 has been spent on consultant's fees for the last two financial years ending June 2010. There is still another two years of consultants' fees to be included, as the expected completion date is not until June 2012. With this amount already spent, it will be interesting to see what the total spend on consultants' will be. Annual patronage is about 210,000 and is expected to increase to 275,000 in the first year of opening, an increase of 76%. Was this figure a guess by the council or did one of the consultants' dream it up.
The upgrade is to include a Wellness Centre, this is a function for the private sector, and not something our council should be involved in.
Brian Porter, Welcome Bay.