Council terminates St Kilda Triangle Agreement

At tonight's special council meeting to elect a mayor for 2010, this resolution was passed by council:

That, in relation to the St Kilda Triangle Development, Council

1. receives the verbal report from the Mayor concerning negotiations with BBC Triangle Investments Pty Ltd and acknowledges that an in principle agreement has been reached between the Mayor and BBC Triangle Investments Pty Ltd
2. Gives in principle support to the terms agreed between the Mayor and BBC Triangle Investments Pty Ltd, namely the termination of the Development Agreement for the St Kilda Triangle development in return for a payment of $5 million over three financial years and the granting of a lease to Palais Theatre Management Pty Ltd for a period of five years;
3. Receives a report on the negotiations at the Council meeting scheduled for 14 December, 2009 to finalise the agreement.

I voted against the proposal and will speak to it at the Council meeting to be held in South Melbourne on 14 December.

Councillor Frank o'Connor will continue as mayor for 2010.