56Negotiation bonds

56 Negotiation bonds

S. 56(1) amended by No. 10/2017 ss 23(2), 25(2).

(1) Development Victoria, with the approval of the Minister, may, in writing, request any person to lodge a negotiation bond with Development Victoria if the person has expressed an interest—

(a) in the development of any precinct or any part of a precinct of the project area; or

(b) in the provision of an item or combination of items of trunk infrastructure in the project area.

(2) A negotiation bond must not exceed $200 000 or, if another amount is prescribed, that amount, for each precinct or for each item or combination of items of trunk infrastructure in respect of which the person has expressed an interest.

(3) The request may provide that the negotiation bond—

(a) must be in the form of a cash deposit; and

S. 56(3)(b) amended by No. 10/2017 s. 25(2).

(b) is to be lodged subject to the conditions specified by Development Victoria in the request, including conditions relating to the circumstances in which the bond may be forfeited.

S. 56(4) amended by No. 10/2017 s. 25(2).

(4) If a person does not lodge a negotiation bond with Development Victoria in accordance with a request under this section within 7 days after the request is made, Development Victoria may refuse to enter into any arrangement or agreement under this Act with that person in relation to—

(a) the development of the precinct or the provision of trunk infrastructure; or

(b) any lease, licence or disposal of land in the precinct or relating to the provision of trunk infrastructure; or

(c) the use or development of land in the precinct or relating to the provision of trunk infrastructure.

(5) In this section—

S. 56(5) def. of precinct amended by No. 10/2017 s. 25(2).

precinct means any part of the project area which Development Victoria by notice published in the Government Gazette determines to be a precinct of the project area;

infrastructure includes—

(a) roads and traffic works;

(b) sewerage, storm water drainage, water supply, electricity, gas, telecommunications and other like services;

(c) works to improve water edges and water quality;

(d) wharves, marinas and boat launching and berthing facilities;

(e) light rail, tram and other public transport works;

(f) public parks and public spaces and related works;

(g) art works;