REDLAND Investment Corporation (RIC) will be wound down in a move expected to save ratepayers $1m a year.
The move will see the Redland City Council-owned company’s operations and projects integrated into Council.
Acting Mayor Julie Talty said the decision would strengthen Council’s project delivery capabilities, while reducing overheads.
“Council is aware of cost-of-living pressures on ratepayers and this decision will help to reduce pressure on rates,” Cr Talty said.
“Planning for the integration has begun and, when complete, will ensure a simplified structure, enhanced collaboration, and continued delivery for the community.”
Established in 2015, RIC was created to deliver major development and infrastructure projects on behalf of Council, and has overseen a number of major projects.
“RIC has delivered many projects on behalf of Council, including the Edge 521 townhouse development, AVA Terraces, considerable civil infrastructure for the Weinam Creek PDA project – including more than 500 car parks at Moores Rd, a new pedestrian bridge and pathways and the new Hamilton Street extension – and completed many successful negotiations and national tender processes to attract development partners and investment for major projects,” Cr Talty said.
“We are committed to ensuring a smooth transition for employees, customers, contractors and stakeholders.”
In a statement, the RIC Board of Directors acknowledged Council’s decision and confirmed the integration would result in the removal of the CEO position.
“With the decision of Council to integrate the projects and RIC operations into Council, there is no longer a need for a Chief Executive Officer within RIC,” the board said.
“The RIC Board thanks Cameron McColl for his commitment to RIC and Redland City and wishes him well in his future.”
The board said it did not expect any disruption to ongoing projects or contractual arrangements.
“Since 2015, RIC has played an important role in project delivery for Redland City, and we look forward to seeing the new opportunities this change creates for our long-term employees,” the board said.
“Supporting them through this transition is a high priority for the RIC Board.”
In March, RIC chairman Phil Hennessy and directors Greg Kempton and Mitch Neilsen stepped down after more than a decade overseeing the organisation.
They were temporarily replaced by Redland City Council General Manager Infrastructure and Operations Chris Isles and Chief Financial Officer Sandra Bridgeman while Council undertook its External Service and Efficiency Review.
The future management of major projects previously delivered through RIC will now sit within Council’s Major Projects Group.
The restructure is expected to save ratepayers more than $1 million a year through the removal of duplicated corporate functions, governance costs and executive overheads.
