Shellharbour Marina before the construction of Crown Plaza. Photo: Kellie O’Brien.
Shell Cove harbour and the Shellharbour Marina are set to make waves for the next 100 years, with a groundbreaking financial strategy designed to ensure it’s a “gift, not a burden” for generations to come.
In a unanimous vote, Shellharbour City Council approved a plan to reinvest future interest generated from marina dividends into ongoing maintenance and infrastructure renewal projects, safeguarding the marina’s legacy as an economic powerhouse well into the next century.
Any excess interest earned above what is required may go towards renewing assets or potential investments across the wider Shellharbour area.
Councillor John Davey, who moved the motion which was seconded by Cr Mitch Ellis, said when the marina was first proposed “against a lot of vociferous and strong pushback from the community”, it was said that interest from the dividend investment would not only benefit those who lived in Shell Cove, but across the city.
“Getting that mix right to protect the asset itself, but also allocating a benefit to the rest of the city, will be quite critical,” Cr Davey said.
“That’s what the community is already starting to talk to me about: ‘When are the benefits going to start flowing to the broader city, not just occurring around the marina area?’
“That’s why I think it’s very important we don’t rush to whatever that allocation is going to be. That we do it with a mind to the future, and the future needs, as this asset does wear and tear over the next 10, 20, 30 through to 100 years.”
Cr Ellis agreed, saying the marina was “the heart of the Shellharbour LGA” that would “bring money into the local economy”.
Cr Rob Petreski said it was a tricky project in that it looked across business units, infrastructure services and long-term maintenance plans.
“This is the first asset I’ve ever seen projected out to 100 years,” Cr Petreski said.
“That’s a significant timeframe.
“I understand that whilst in the first few years it’s a brand-new facility and probably won’t need much maintenance, but the time will come and, if we’re not careful, that may bite us.”
He said they needed to balance community expectations as well.
“Shell Cove is to be a gift to the city, not a burden, and we need to make sure that it remains a gift to the city and not a burden,” he said.
“The only way we’re going to do that is to make sure we have processes in place that can manage that facility going into the future.
“We do not know how long that asset will last, so this is uncharted territory.”
He said while council and the community expected it to last a long time, such projects had variables they couldn’t predict.
“It’s a complex project. It’s been 40-plus years in the making,” he said.
Cr Petreski said it had already provided significant economic, social and tourism benefits, and this ensured they could build on that.
“This is certainly something that has put us on the map, and I think puts us in good stead for years going forward,” he said.
“It is important to note that it is an intergenerational project, which means that it’s not just for one generation. This will serve, hopefully, my kids and my grandkids.”
