35ANegotiation bonds

35A Negotiation bonds

S. 35A(1) amended by No. 10/2017 s. 33(10)(12).

(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 docklands area; or

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

(2) A negotiation bond must not exceed $100 000 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—

(i) a cash deposit; or

S. 35A(3)(a)(ii) substituted by No. 11/2001 s. 3(Sch. item 22), amended by No. 10/2017 s. 33(10).

(ii) a guarantee, in a form acceptable to Development Victoria, provided by a body that is permitted to use the expression "bank" under section 66 of the Banking Act 1959 of the Commonwealth; and

S. 35A(3)(b) amended by No. 10/2017 s. 33(10).

(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. 35A(4) amended by No. 10/2017 s. 33(10).

(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. 35A(5) def. of precinct amended by No. 10/2017 s. 33(10).

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

infrastructure includes—

(a) roads and traffic works;

(b) pedestrian walkways and bicycle paths;

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