![The block of land at Shell Cove - across from the shopping centre - that the city council is planning on buying for $2 million. The block of land at Shell Cove - across from the shopping centre - that the city council is planning on buying for $2 million.](/images/transform/v1/crop/frm/4FavSveeQdYEHssZq5umRQ/e89bbe8a-9595-40a5-aea6-246d9e5a9817.png/r9_0_1327_596_w1200_h678_fmax.jpg)
Shellharbour City Council is looking to spend $2 million on a block of land at Shell Cove - but doesn't know what it wants to do with it.
Subscribe now for unlimited access.
or signup to continue reading
At Tuesday night's Shellharbour City Council meeting, the councillors will vote on whether to approve the purchase of the 1065 square metre lot on the northern edge of the Waterfront Town centre car park.
Under the management agreement between the council and Australand (part of Frasers Property Group) it gets the first shot on acquiring any new harbour land that comes up.
"If council exercises its first-purchase right, it must pay the market value upon settlement into the trust fund for the project," the council business papers stated.
"Upon payment, the lot is released from the control of the project and the provisions of the management agreement."
The recommendation before the councillors is to buy the block for $2 million via the Shell Cove loan facility, which would be repaid "on receipt of the initial Shell Cove profit distribution".
However, according to the business paper, the council has yet to work out what it should do with the block of land.
"The purchase of the site as recommended by this report, provides a strategic opportunity for council to consider using the site for a range of community and commercial uses, subject to further feasibility analysis," the business papers stated.
"Alternatively, should no suitable use be found, the property may be on-sold, with all sale revenue being retained by council."