ALBURY Council is poised to make an initial $4 million investment in the Nexus industrial hub despite uncertainty hanging over a start on the nearby Davey Road interchange.
The funding commitment for Nexus is contained in council’s $38 million capital works program as part of its draft budget released last week.
The Davey Road interchange on the Hume Highway recently attracted $7 million in federal government funding, but is only half the required amount to build two south-facing ramps and two roundabouts.
The council has funding applications for the remaining $7 million for Davey Road presently sitting with the federal and state governments, but has developed a Plan B if government funding is not forthcoming.
It will require an additional loan which will be paid by increased Nexus precinct developer contributions.
Council general manager Frank Zaknich said Nexus and the Davey Road interchange were closely linked.
“As a result of the funding we’ve already got for Davey Road, there is obviously interest in Nexus,” he said.
“It will certainly enhance the development.”
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A total of $7.85 million has been set aside in the next four years for Nexus with the industrial area to be in direct competition with Wodonga’s Logic.
The 55 hectares in stage one was known as Kenilworth and was acquired by the council from the now defunct Albury-Wodonga Development Corporation in 2006.
As a result of the funding we’ve already got for Davey Road, there is obviously interest in Nexus.
Budget notes state with the creation of the additional ramps at Davey Road, Nexus could support the equivalent of 4 per cent of gross regional product and 1137 full-time jobs.
The ramps will provide direct access from the south to Nexus and the Ettamogah rail hub.
“The interchange would significantly reduce heavy vehicle congestion at other interchanges within the city as well as remove large vehicles from developing residential areas in Wagga Road,” budget notes state.
“Local transport providers would be able to move freight quicker and enhance capacity for next day delivery to 75 per cent of Australia’s population.”
The draft budget will be handed down tonight with the recent with Nexus stage one being hotly debated among councillors in a recent secret briefing.