Cairns Regional Council has applied for a $15 million interest-free loan to bring forward construction of water infrastructure to service new lots in the fast-growing Mount Peter area.
Construction of a water reservoir for Mount Peter was planned to start in the 2023-24 financial year.
But the surge in demand for residential land in the area has prompted the council to look at starting construction within the next 12 months.
The project includes construction of an 8 megalitre water reservoir, installation of trunk water lines, a pumping station and chlorination building.
The infrastructure will service 446 lots that currently lie outside the council’s Priority Infrastructure Area.
Council has applied for a $15 million interest-free loan though the Department of State Development, Tourism and Innovation’s Building Acceleration Fund 2020 (BAF2020), an initiative under the Queensland Government’s Economic Recovery Strategy, Unite and Recover for Queensland Jobs.
The project is estimated to cost $18.2 million, with the council required to fund the initial $3.2 million of costs before drawing down on the loan, which has a 15-year repayment period.