The Wave Park development will offer many social and economic benefits including importantly, a financial opportunity to help keep rate increases as low as possible into the future for Melville ratepayers.
During the construction stage of the project estimates are that of the Wave Park Group's $28.0 million total construction cost for this facility, approximately 20% will be directly returned to the local economy.
51 FTE jobs and $5.2 million could potentially be generated in incomes and salaries
Once operational the project will also have the potential to deliver:
- $25.3 million worth of additional output (including $10.3 million in direct impacts).
- $11.9 million contribution to GRP (including $4.0 million through direct impacts).
- $7.6 million in incomes and salaries paid to households (including $2.7 million in direct incomes).
- Employment totaling 122 FTE jobs (including 53 direct jobs).
- Increased employment of unskilled and older/youth labour;
- Increased tourism visitation to other areas within the City of Melville;
- Increased local participation in sport and sport development opportunities;
- Improved place activation and more diverse local use of the space;
- Improved community involvement.
Should the Wave Park leave the site, to ensure the site will be rehabilitated for future community use, under the terms of the lease the Rehabilitation costs of the site will be covered by a Bank Guarantee that is independent of the Wave Park Group's financial position.
The Rehabilitation costs will be assessed by an independent site rehabilitation expert initially, and then increased by CPI each year thereafter, with a further review each five years by an expert as part of this arrangement