Message from the Commodore (7 June 2021) - GWSHP Project: Stage 1 On-Land
Dear Members,
Members will be aware that RGYC has a funding commitment to the Geelong Waterfront Safe Harbour Precinct (GWSHP) Project, along with our funding partners – the State Government of Victoria, the Federal Government and the City of Greater Geelong.
The Board has been working through a range of strategies to meet our funding obligations, through use of internal funds, borrowings or a combination of both. At the Member's Information Session held in March this year, Treasurer Mike Kelly outlined the Board’s approaches to securing a loan facility, including an application to the State Government’s 2020-21 Sport & Recreation Victoria Community Sports Infrastructure Loans Scheme.
Thank you to Christine Couzens MP for visiting our club to formally announce that RGYC has been successful with its application for this loan facility, with the State Government confirming that our club is able to access borrowings up to $4.5m from the Loan Scheme.
The loan facility is part of the State Government's 2020-21 Sport & Recreation Victoria Community Sports Infrastructure Loans Scheme, kickstarting 11 projects across the state to transform communities.
The scheme provides a low-interest, government-guaranteed loan and the Victorian Government also makes interest subsidy payments that effectively halve the interest paid by borrowers – saving organisations money and helping kick-start infrastructure projects that support economic recovery.
The Board is committed to keeping members informed regarding all aspects of the project, including seeking member endorsement of the club’s financial commitments.
The loan facility is a unique opportunity for the club to meet its financial commitments to the project at extremely affordable terms and maintain existing facilities through operational trade.
This loan opportunity is just another example of the support shown by the Victorian Government and our local Member for Geelong, Christine Couzens MP, toward the GWSHP Project.
For further information on the Sport & Recreation Victoria Community Sports Infrastructure Loans Scheme, please click HERE.
Stuart Dickson
Commodore