Extent of financial commitment
8 Extent of financial commitment
If an appropriation is made for the purposes of, or in connection with, the redevelopment of Adelaide Oval envisaged by this Act, the total amount that the Minister, or any other entity acting on behalf of the State, is authorised to make available or expend for a designated purpose is
$535 million.
Subsection (1) applies in relation to any amount made available or expended during the period commencing on
1 December 2009 and ending on
1 December 2019.
For the purposes of this section, a designated purpose means any of the following:
development within the area bounded by King William Road,
Pennington Terrace, Montefiore Road and War Memorial Drive, other than land that is subject to a lease or licence to the Memorial Drive Tennis Club Inc.,
Next Generation Clubs Australia Pty Ltd or the South Australian Tennis
Association Inc.;
grants or other forms of financial assistance to or for the benefit of SMA, SACA, the SANFL or any other entity in connection with the development of Adelaide Oval (including to assist with, or to achieve, the reduction or discharge of any loan or other commitment, to pay any interest, to provide or support a guarantee, security or bond, or to provide any other form of financial accommodation but not including amounts that have been agreed to be paid in relation to interest costs incurred by SACA for loans provided for the
Western Stand Redevelopment).
However, a designated purpose does not include—
roadworks within the area referred to in subsection (3)(a) from 1 January 2015;
or
roadworks relating to King William Road, Pennington Terrace,
Montefiore Road or War Memorial Drive.
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