Townsville's is the first city deal the federal government has unveiled since announcing the scheme with the Western Sydney and Launceston deals in April this year. The deals help to roll out the bigger Smart Cities Plan, which aims to allow urban centres to realise their full potential.
The Townsville deal is a 15-year plan to supercharge the town into a vibrant capital city for North Queensland through the creation of jobs, stimulation of new economic growth and increased infrastructure spending.
The federal government will contribute $100 million to the plan, while the Queensland government will kick in $140 million.
The local council will contribute prime waterfront land for development including the new stadium. A new Townsville Development Corporation will deliver the urban renewal.
"At a time when economic growth is hard to deliver, Australia needs to look to its cities as productivity drivers. This is smart economic policy in a time when we need trajectories for growth," Property Council of Australia chief executive Ken Morrison said.
The governments will also seek private sector partners for the expansion of the Townsville Port, the Townsville Eastern Access Rail Corridor and associated development areas, and the urban renewal of the waterfront and CBD.
Along with a new stadium scheduled to be completed by the 2020 National Rugby League season and a detailed Townsville plan will be available in March 2017.
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