XN000022-1985-06-22 — Page 2

SATURDAY, JUNE 22, 1985

FORMATION OF LAND DEVELOPMENT CORPORATION GAINS IMPETUS

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THE EXECUTIVE COUNCIL HAS GIVEN APPROVAL IN PRINCIPLE FOR WORK TO START ON DRAFTING LEGISLATION TO PERMIT THE SETTING UP OF A LAND DEVELOPMENT CORPORATION (LDC).

A GOVERNMENT SPOKESMAN SAID THE LEGISLATION COULD MEAN A NEW LOOK FOR THE TERRITORY'S INNER CITY AS AREAS MOST IN NEED OF DEVELOPMENT WERE ALREADY BEING IDENTIFIED.

THIS WOULD MEAN THAT THE LDC COULD CHOOSE A SUITABLE PROJECT AND BEGIN WORK AS SOON AS IT WAS SET UP.

BESIDES DRAFTING LEGISLATION, LEGAL EXPERTS ARE LOOKING AT POSSIBLE AMENDMENTS TO THE TOWN PLANNING ORDINANCE AND THE CROWN LANDS RESUMPTION ORDINANCE.

THESE WOULD ALLOW THE GOVERNMENT TO DESIGNATE SPECIAL DEVELOPMENT AREAS AND FACILITATE ACQUISITION OF PRIVATE PROPERTY FOR REDEVELOPMENT.

THE LDC WOULD BE AN INDEPENDENT STATUTORY BODY WITH MANAGEMENT AND DEVELOPMENT CAPABILITIES. IT WOULD OPERATE THROUGH SUBSIDIARY COMPANIES SET UP FOR PARTICULAR PROJECTS.

THE COMPANIES WOULD BE ABLE TO ENTER JOINT VENTURE AGREEMENTS WITH OTHER DEVELOPMENT ORGANISATIONS OR WITH MAJOR PROPERTY OWNERS.

THE GOVERNMENT SPOKESMAN SAID: THERE ARE A NUMBER OF OLDER URBAN AREAS WITH POOR HOUSING AND GROSS OVERCROWDING WHICH THE GOVERNMENT WOULD LIKE TO DEVELOP.

+THIS HAS NOT BEEN POSSIBLE BECAUSE OF THE DIFFICULTY IN ACQUIRING PRIVATELY OWNED PROPERTY AND OF REHOUSING THOSE DISPLACED. THE LDC CONCEPT WAS PUT FORWARD SPECIFICALLY TO OVERCOME THESE DIFFICULTIES.+

THE SETTING UP OF SUCH A BODY WAS RECOMMENDED IN A 1981 REPORT TO THE GOVERNOR BY THE SPECIAL COMMITTEE ON LAND SUPPLY, THE SPOKESMAN SAID.

HE EXPLAINED THAT IN SPECIAL DEVELOPMENT AREAS THE LDC COULD EITHER OFFER TO BUY PROPERTY OUTRIGHT OR OFFER OWNERS A SHARE IN ONE OF THE SUBSIDIARY COMPANIES.

THOSE CHOOSING THE LATTER OPTION WOULD BE OFFERED TEMPORARY REHOUSING IN THE VICINITY AND BE GIVEN PREFERENTIAL RIGHTS TO UNITS IN THE COMPLETED DEVELOPMENT.

THE SPOKESMAN