Invest Gold Coast Pty Ltd - Strategic Property Acquisition Update

It is recommended that Council resolves as follows: 1 That the report and attachments be deemed confidential and be treated as such in accordance with sections 171 and 200 of the Local Government Act 2009, and that the report and attachments remain confidential unless the Chief Executive Officer decides otherwise. 2 That Council endorses the acquisition of the property identified in Part A of the tabled Confidential Attachment 1, subject to: a receipt of all necessary Treasurer’s and Queensland Treasury approvals under the Statutory Bodies Financial Arrangements Act 1982 b satisfactory completion of all outstanding legal, financial, taxation, planning, property and operational due diligence c completion of all land reconfiguration and other statutory requirements necessary for settlement d confirmation of the final funding, budget, accounting and cashflow treatment. 3 That Council endorses the acquisition being initially funded from the Gold Coast Investment Reserve, including: a the purchase price, payable in accordance with the agreed instalment arrangements b all reasonable taxes, duties, transaction and implementation costs necessary to complete the acquisition. 4 That Council endorses the City Administration seeking all necessary Treasurer’s and Queensland Treasury approvals to complete the acquisition in accordance with the Statutory Bodies Financial Arrangements Act 1982. 5 That Council considers the partial divestment of the City-owned property identified in Part B of the tabled Confidential Attachment 1 and authorises the City Administration to: a progress the required reconfiguration of lot in a manner intended to maximise the financial return to the City Administration upon divestment b retain in the City’s freehold ownership of the areas identified as Retained Areas, and their ancillary uses as outlined in Part B of the tabled Confidential Attachment 1 c identify and implement appropriate relocation arrangements for affected City services from the areas identified for divestment in Part B of the tabled Confidential Attachment 1 d obtain independent valuations and undertake all necessary property, planning, legal, environmental, operational and financial due diligence. 6 That the net proceeds from the partial divestment outlined in (5) above be applied: a first, to meet the reasonable costs associated with the reconfiguration, relocation and divestment b second, to replenish the Gold Coast Investment Reserve for the purchase price and associated acquisition costs funded under Recommendation 3 c third, to offset any shortfall in the Strategic Asset Utilisation Divestment Program and support delivery of the City’s capital program. 7 That Council authorises the Chief Executive Officer to negotiate all contracts, applications, transfers, deeds and other documents necessary to implement the acquisition, funding, reconfiguration and partial divestment approved by this resolution, provided that: a all required statutory and regulatory approvals have been obtained b the land proposed for divestment is not required for continuing City operations c the acquisition and divestment arrangements represent value for money and are in the best interests of the City d the final arrangements are materially consistent with the report, Confidential Attachment 1 and this resolution. 8 That Council notes a further report will be presented to the 874 Special Budget Committee meeting scheduled for 27 November 2026 to provide an update to Councillors as to the key transaction milestones and material change to the acquisition terms, anticipated divestment proceeds, funding pathway, timing, risks or effect on the City’s financial position.

For: Cr Shelley Curtis, Cr Mark Hammel, Cr Bob La Castra, Cr Josh Martin, Cr Gail O'Neill, Mayor Tom Tate, Cr Darren Taylor, Cr Glenn Tozer, Cr Joe Wilkinson

Against: Cr Dan Doran, Cr Naomi Fowler, Cr Donna Gates, Cr Nick Marshall, Cr Brooke Patterson, Cr Peter Young