What it does
This Act sets a statutory special-rating regime for a particular parcel of land intended for an integrated steel works at Western Port. It does three mechanical things.
First, it defines the land subject to the special regime by reference to the First and Second Schedules to the agreement reproduced in the Schedule to the Western Port (Steel Works) Act 1970 (see s 2(1)). The Act does not itself describe the land; it imports that description by reference.
Second, it requires that rates levied by the Council of the Shire of Hastings in respect of that land be determined under the Local Government Act 1958 and the Valuation of Land Act 1960, but subject to two specific statutory modifications: (a) in estimating net annual value (NAV) for rating the land, any improvements described as plant, machinery or equipment (other than cranes attached to or in buildings) must be disregarded (s 3(2)); and (b) minimum annual amounts are prescribed for the land according to a year-by-year schedule if rates are levied solely on NAV (s 3(3)(a)), with a proportional equivalent if the council uses a mixed basis (NAV together with unimproved capital value or site value) (s 3(3)(b)). The minimum amounts for years ending 30 September 1973 to 1983 and thereafter are specified in the table in s 3(3)(a) (from $190,000 in 1973 to $840,000 from 1983 onwards).
Third, the Act creates a mechanism for review if the steel works are not brought into operation by stated dates. If, in the Minister’s view, certain elements of the works are not ready for operation by specified trigger dates (cold strip mill by 1 January 1975; hot strip mill by 1 January 1980; full integrated plant by 1 January 1985), and no agreement has been reached under s 811BA of the Local Government Act 1958 between the council and the company, the Minister is to appoint a three-person committee (chair a barrister/solicitor nominated by the President of the Law Institute of Victoria, one person nominated by the council, and one person nominated by the company) to recommend whether any amendments to the section should be made (s 3(4)).