Dear Editor, I have read with interest that Council are shtum about the value of the Batemans Bay Bowling Club land. There have been many comments in these pages that have progressively revealed that Council paid $2.7 million for the property and that they had a valuation done before they bought it. We have learnt that Council took out a loan with TCorp of $2 million and we learnt today that TCorp DID NOT advise Council that the following matters were ‘commercial in confidence’ as they have now advised one of your contributors in writing to the questions: What is the current rate of interest on this loan? What is the current balance of this loan? Several commentators have also wondered what the site might now be worth out of interest to see if Council have indeed made a good investment or if the community has inherited a liability. It is of concern that the Catalina Country Club identified the environmental constraints on the land as a "contract deal killer" for prospective buyers they had prior to Council's purchase.
The Catalina Country Club, in their annual report to members stated During these negotiations a riparian corridor was highlighted as a contract killer. This corridor restricts development within 40 metres of the high water line and resulted in a 30 percent reduction in available land. This, according to one senior Council staff member, is a FALSE statement. It makes you wonder then why the president of the club wrote it in his official annual report. Council advised yesterday that they had a valuation done prior to purchase however this valuation figure is 'commercial in confidence'. They also committed yesterday to having another valuation done. No doubt the new valuation will also be 'commercial in confidence' At some point though they have to bring this asset onto their books as too the loan and the interest payable on that loan so the figures will be there for all to see. In the meantime readers might be interested in this valuation document
So just how much is the land worth because it is understood that there is little recoverable of the building that is of much worth. Bit by bit it will all be revealed so why the secrecy? Name and address provided