As part of a contentious $1 billion proposal, taxpayers might acquire ownership of an iconic racetrack to transform the location into a "mini city" featuring numerous residences.
The New South Wales government may have the opportunity to acquire the historic Rosehill Gardens racecourse in west Sydney, which is over 140 years old, for $5 billion as part of the most recent development in the contentious plan to revamp the location.
The owner of the Australian Turf Club has submitted a final attempt at a proposal prior to an important internal ballot on the sales strategy, scheduled for early April.
The funds generated from the possible sale, which the club intends to receive through payments spread out over fifteen years, would be used for enhancing stalls and upgrading training areas at various racecourses around Sydney.
This amount would similarly be allocated toward constructing a suggested hotel at its flagship racetrack in Randwick.
Premier Chris Minns stated that the possible redevelopment of Rosehill presents a "huge chance" for Sydney, suggesting that the government might consider purchasing the location.
"It truly depends on the (turf club) members to decide the future of Rosehill — should they take this step, we can proceed to the next phase, which involves negotiations," he stated on Thursday.
These discussions were expected to be "lengthy and tedious," and the government needed to make sure that taxpayers received good value for their money, he stated.
The most recent unexpected suggestion from the turf club differs from their original submission to the government towards the end of 2023. That earlier proposal sought significant rezoning of the area with plans to sell the property to private developers.
The proposal encompassed a plan for a "compact urban center" close to Parramatta with approximately 25,000 residences supported by automated subway systems.
However, since then, the club has had an arduous journey to launch the substantial initiative.
Many prominent individuals from within the industry and members of various turf clubs have openly opposed the sale, with notable trainers like Gai Waterhouse and Chris Waller leading the charge.
The updated proposal is scheduled for a membership vote on April 3.
The club president, Peter McGauran, referred to the impending ballot as the most significant and far-reaching in the organization's history, encouraging each member to participate and express their opinion.
He stated that this proposal presents a singular chance to transform the ATC into the globe’s most economically stable racing club. statement published late on Wednesday.
The reality is that Rosehill Gardens has become an obsolete site with diminishing attendance, and this proposal could revitalize and ensure the future of the racing industry for numerous generations ahead.
Alongside internal resistance, the possible redevelopment encountered an obstacle in late 2024 due to allegations that Mr Minns did not disclose a conflict of interest stemming from his longstanding friendship with turf club official Steve McMahon.
A Liberal-headed panel brought forth these allegations after a legislative investigation into the Rosehill proposal.
In December, the Independent Commission Against Corruption determined that there was no proof of misconduct by the premier.
