After approval by the Cromwell Community Board at a meeting last week, the draft land investment strategy will go to district councillors for adoption.
In a report presented to the community board, CODC staffer Saskia Righarts said the document would "underpin all future land developments in Cromwell", and could be something of a template for the development of other council land assets across the district.
CODC elected decision-makers were expected to be presented with a proposed plan for council land in Bannockburn Rd shortly.
That land was rezoned under Plan Change 18, with an aim of development, the revenue generated to be earmarked for the Cromwell hall project.
The draft strategy said its goal was to "create an enduring framework" for making "strategic investment decisions that are based on evidence, are clearly tethered to agreed principles and which achieve desired outcomes".
It outlined the "principles", under the headings CODC mission, purpose of the endowment land, longevity and consistency, stakeholders and community, and decision-making — and the "investment outcomes", under the headings sustainable growth, economic resilience, prudent financial management, and a healthy community.
The issue of Cromwell’s endowment land came to a head last year.
Some Cromwell opponents to council moves towards district-wide funding claimed an "asset grab" was at play. Although it was difficult for anyone to put a figure on its worth, some claimed the value of Cromwell’s endowment land was in the hundreds of millions of dollars.
During the meeting’s discussion, deputy mayor and Cromwell councillor and community board member Neil Gillespie pushed for inclusion of a review cycle for the strategy, and one was decided on and included.
The wording of the strategy also noted it was intended to be a "living document".
