Toowoomba Regional Council (TRC) has committed to a new Funding Deed with the Toowoomba and Surat Basin Enterprise Pty Ltd (TSBE) for a further three years.
Initially set up in 2011 to act as the lead economic development agency for the Toowoomba Region, TRC Mayor Paul Antonio said the organisation had proven invaluable over the past decade.
“We first set up this organisation a few months after the devastating floods in 2011 with the entire Region trying to recover from this event,” Mayor Antonio said.
“We identified the need for an economic driver for this Region and setting up TSBE was our way of helping us achieve this.
“Over the past decade we’ve seen the completion of the Toowoomba Bypass, a new international airport, the redevelopment of Grand Central Shopping Centre as well as a host of new innovative businesses emerging within our Region. This has helped create a dynamic economic context for TSBE to operate within.
“It’s clear the faith in the Toowoomba Region has grown considerably during this time and TSBE has been a major contributor to ensuring we are well-positioned throughout this journey.
“This organisation continues to link businesses with new opportunities and is committed to helping the Toowoomba Region grow.
“In addition to this, TSBE has grown and now operates beyond the Toowoomba Region, with financial investment into TSBE from the Western Downs and Maranoa Councils. Strategically, this has been incredibly important as the continued growth in these areas has positive flow-on effects for our area.
“The pandemic-induced economic downturn we are currently experiencing will seriously challenge our long run of unprecedented growth, which is why it’s important we continue to invest in organisations such as TSBE.
“Committing to continued funding will enable the on-going provision of activities that further the economic development goals and strategies of Council for the benefit of both residents and businesses.”
At the Ordinary Meeting of Council on 21 July, Council committed to a new Funding Deed with TSBE, for a three-year term commencing 1 January 2021, providing $474,270.93 in the first year with a CPI adjustment each following year.
Associated with the Funding Deed is a document which specifies Council’s expectations of TSBE’s economic development activities relating to the Toowoomba Region and the implementation of the Toowoomba Region Economic Development Strategy.
