The Deed of Agreement concluded on November 30, 2014 however it was extended to June 30, 2015 while the review was completed.
Mayor Ross Fowler said the PBA’s role in planning for Penrith’s economic future had been significant, however, it had become clear that what’s most needed is a substantial shift from planning into action, requiring capacity and expertise beyond the current model.
The PBA was constituted in 2009 as a Company Limited by Guarantee. Mindful of the changing economic environment, Council included a review of the Deed of Agreement after five years to ensure an on-going contemporary approach to growing Penrith.
“The review gave us the opportunity to look at the bigger picture and take a fresh look at whether there are better ways to drive economic development, boost jobs and attract investment to our City,” Councillor Fowler said. “Council has decided to investigate and consider alternative models for the future”.
One such model is Penrith Progression.
“Already Penrith Progression is providing a realistic vision and the ability to deliver smart growth for the future, focussing on the development of the Penrith City Centre. It has been a collaborative process, tapping into the minds of business, developers, government agencies, the community and a range of other experts.
“Penrith Progression is already seeing investment in city living, the development of a vibrant city centre with flow-on development happening throughout the City”.
The Penrith Progression has identified sectors in which Penrith City can compete and create jobs:
• Lifestyle Health.
• Creative information, Digital Media and Telecommunications.
• Advanced Engineering, Manufacturing and Construction.
• Global Advanced Education.
• Advanced Logistics.
• Housing, Amenities, Lifestyle and Learning.
Council has also formed a Property Advisory Panel to give direction and advice on Council’s property portfolio to capitalise on future opportunities.
“The landscape has changed in recent years and this has also resulted in Penrith forming a strategic alliance with Blue Mountains and Hawkesbury councils to identify and attract future regional opportunities. We’re also hearing from prospective developers who want to work directly with council on key projects.
“I would like to acknowledge the work of the PBA and especially commend the Board who have been generous in giving their time and expertise,” said Mayor Fowler.
Penrith Council has received advice from the PBA that it has capacity to meet all ongoing financial obligations.
