Pyrenees Shire Council seeks $650,000 loan to develop land in Beaufort

Councillors voted unanimously on Tuesday evening to authorise the chief executive Jim Nolan to reach out to six financial institutions for quotes.

While the councillors were hesitant to go into debt again since they delivered a debt-free budget back in 2017/18, they have had success developing land in the past.

The council invested $2.6 million in the Correa Park residential development and the project had a number of stages over the years, each with 20-40 lots included.

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Cr David Clark said it was "an interesting decision" at the council meeting on Tuesday night.

"Most of us were here when we became debt free several years ago," he said.

"But once again we are doing this for a very good reason."

Cr Clark said council intended to use the land it had bought for a similar purpose.

Cr Robert Vance also said he was "reluctant to go back into debt again" on Tuesday night.

"But when you look at Correa Park and what it has done for the future of Beaufort, I think it is a wise move," he said.

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The lots in Correa Park were between 700 and 1100 square metres, almost double the size of an average Ballarat block, and there are now around 80 houses finished or under construction.

"People were able to purchase blocks of land a lot cheaper and bigger than in our neighbouring city of Ballarat," Cr Vance said.

"I think the whole deal is very attractive."

Mayor Ron Eason said he thinks Correa Park is "one of the best things that has happened to Beaufort".

"It proves what councils can do when they put their mind to it, to create an environment to bring people into the town."

The loan is apart of the 2022/23 budget and council anticipates it will be able to make the money back once land is sold in five years.

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