North Sydney Council has conceded the redevelopment of its Olympic pool has left it in a financially 'unsustainable' position.
The North Sydney Olympic Pool is heritage listed and considered 'historically rare'.The costs to redevelop the iconic North Sydney Olympic Pool have blown out, with council looking at increasing its rates.
North Sydney Council is considering lifting the rates paid by its landowners from 65 to 111 per cent over three years, as the $90 million redevelopment of its Olympic pool tied up cash flow needed to maintain other facilities. North Sydney Council Mayor Zoë Baker said the cost blowout of the pool was taking money from other facilities."We may have to look at the property assets that the council has — are there assets we may need to consider selling."
"Through decisions made in the initial planning phase, including the contract strategy and the decision to proceed prior to designs being complete, significant risk was taken and has been realised," she said. "The opportunity cost of the funds that have been put into the North Sydney Olympic Pool redevelopment have meant that vital maintenance and renewal of assets has been deferred," Cr Baker said.'Current rates lower than comparable councils'
Pool Upgrade North Sydney Olympic Pool Pool Redevelopment Heritage Iconic Pool Construction Mayor Zoë Baker Chief Financial Officer Aigul Utegenova
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