An extraordinary Coffs Harbour City Council meeting will be held on Wednesday to debate the city’s proposed airport lease.
By the Editor
The motion to rescind the vote of last Thursday 26 November to move forward with the proposed, still confidential, lease was tabled by Cr Paul Amos last Friday.
Later that day the Mayor, Denise Knight, called an extraordinary Council meeting with one item – the rescission motion.
Cr Amos has been reported as saying he is astounded that the federal and state governments, who have donated at least $10m by way of grants, for the Enterprise park remediation works, have not been informed about or apparently involved in the proposed long term lease.
Cr Amos also said this is one of the momentous decisions any Coffs Harbour City Council has had to make and the implications of any decision will “last generations.”
CCO understands from aviation sources that the lessee could be Australian Investment firm Palisade Investments. Palisade is part of Pinnacle Investments. Both are ASX listed.
If this is correct then the following from Palisade’s June 2020 annual report makes for interesting reading;
“….we believe domestically focused airports such as Sunshine Coast Airport will experience a quicker recovery than larger capital city airports which have a greater reliance on international travel. Many airports do not expect passenger volume to recover to pre-COVID-19 levels for several years.
“The airport industry has been severely impacted, and we have seen a corresponding decline in valuations, which may result in attractive investment opportunities despite the short-term volatilities.” (CCO emphasis added) See; https://palisadepartners.com.au/wp-content/uploads/2020/08/Palisade-Annual-Report_June-2020_Public.pdf
Cr Amos is also reported to believe the rescission motion is quite likely to end up reflecting the vote last week.
Last week’s vote ended up 4-4 (Addendorf, Cecato, Knight and Rhoades for – Amos, Arkan, Swan and Townley against). Mayor Knight used her casting vote again to progress the airport lease.
At risk of repeating ourselves but does anyone else also get a sense of the following occurring with our Council?;
Or this one too?;