Following amalgamation in 1997, it was clear a turnaround was essential for the City of Playford’s future financial sustainability. Playford’s largest private ratepayer, the centre of the regional shopping precinct, was paying less rates each year due to a declining asset valuation, a situation which could not continue. A proposal was put forward by the largest private ratepayer for a rating agreement giving them certainty with spending over $100 million on their redevelopment.
After four years of negotiations, a commercial agreement was entered into giving the owners lower rates in the early years increasing to full rates over a ten year period. A unique clause in the Agreement allows the rebate in the order of $5 million to be reduced should the shopping centre achieve better returns than anticipated at the time of agreement.
This financial certainty gave the City of Playford the confidence to accelerate the actions in the previously unfunded Elizabeth Regional Centre Revitalisation Strategy (2001). With borrowing rates at historically low levels, Council negotiated ten year fixed rate loans to deliver a rejuvenated library, function centre, Council Chambers, and the commencement of a major swimming pool and gymnasium centre and a community musical centre.
Following Playford’s lead, other developments have occurred including expanded parking to the railway station, a new fire brigade building, public buildings, refurbishment and sale of untenanted walk up flats, new and upgraded specialty food outlets.
The revitalisation of the Elizabeth Regional Centre led by Council has created significant employment opportunities, particularly for youth, and was the first significant step towards regenerating community pride in the City of Playford following the amalgamation of two former Councils.
