Lake Macquarie City Council has welcomed State Government legislation aimed at fast-tracking re-development of the former Pasminco site at Boolaroo.

Mayor Kay Fraser said the pivotal site was one of the largest redevelopment precincts in the Hunter Region, with potential for eighty hectares of residential development and 40ha of commercial land.

“The NSW Government’s decision to acquire Pasminco’s land means the city can push ahead with realising this site’s enormous potential,” Kay said.

“We’re talking about land integral to Lake Macquarie’s north-west catalyst area, identified in the greater Newcastle metropolitan plan as key to the region’s future growth and prosperity.”

Lake Macquarie City Council CEO, Morven Cameron, said Council would take all steps possible to expedite appropriate development of the site.

“The interest of the international large format retailers has been put in doubt during the process, but with this change in ownership we are now confident that progress can be made,” Morven said.

“We will work with all interested developers, the Hunter and Central Coast Development Corporation and the local community to provide the best outcome – not just for our city but the entire Hunter Region.”

Morven said the site provided a once-in-a-generation opportunity for regional economic growth.

“Redevelopment will create an estimated 1125 construction jobs, with 1650 long-term jobs generated once the new commercial precinct is up and running,” Morven said.

Analysis suggests the site’s development will net close to two billion dollars in economic benefits for the Hunter region and NSW.

Council and the NSW Government worked at length with the site’s administrator, Ferrier Hodgson, to develop a long-term environmental management plan for the site’s containment cell.

The new legislation places Pasminco’s land into NSW Government ownership under the process of compulsory acquisition.

Money from the sale of land zoned for residential development will be paid into a fund for the perpetual care of the containment cell.

Kay Fraser said the outcome is a major win for the city.

“It has taken a significant amount of work to get to this point and I acknowledge the work of Council, Dantia, Member for Lake Macquarie Greg Piper MP supported by our local MPs and the NSW Government in being able to deliver this terrific solution,” Kay said.

IMAGE | North Lake Macquarie Legislation passed