Council supports low interest loan for Yarrawonga Library development

Published on 06 December 2019

Moira Shire Council voted to apply for a low interest loan of $3,750,000 to help fund the Yarrawonga Library, Events and Performance Precinct at the recent November meeting.

Mayor Libro Mustica said this low interest loan was being offered by Treasury Corporation Victoria under the Community Infrastructure Loans Scheme.
“If we are successful in this application, council will refer the Library Precinct project for consideration as part of our 2020-21 budget deliberations,” Cr Mustica said.
“In addition to the low interest loan application, we are seeking a grant from the state government’s Living Libraries Program and have made provision in our long term financial plan for funding towards this project.

“Making use of a loan facility will spread the cost over a longer period rather than over a single financial year.”
Cr Mustica said the Community Infrastructure Loans Scheme supported the delivery of community infrastructure via a low interest, government guaranteed loan.
“We have progressively been working towards building a new library in Yarrawonga for a number of years,” he said.
“The current Yarrawonga Library is limited by space, constraining the ability to deliver various programs.
“The Yarrawonga Town Hall Precinct, which includes the Town Hall, Community Hall and old Preschool buildings, has been evaluated to be the most suitable site for the purposes of a new library.

“We aim to create a vibrant and diverse community hub including a library, Customer Service Centre, meeting spaces and a commercial kitchen in this Precinct.
“The project presents a unique opportunity for renewal of the whole Precinct which will benefit all demographics within the Yarrawonga community.”