What are Third Party Funding Agreements and how are the contributions calculated?

Third party funding is the method adopted by the VPA to fund the preparation of a precinct structure plan (PSP) and development contributions plan (DCP). Funding facilitates the preparation of or updates to technical work, stakeholder consultation and associated work to prepare a planning scheme amendment to incorporate the PSP and DCP into the Planning Scheme.  

Third Party Funding Agreements are a contract between the VPA and a third party (typically the landowner) to formalise funding arrangements. Typically, costs to fund a PSP is undertaken on a per hectare basis (i.e. the larger your landholding, the more it will cost.) The agreements provide for staged payments over the course of the PSP process.  

The VPA has used Third Party Funding to fund the preparation of the Merrimu Precinct Structure Plan and Development Contributions Plan. Funding is voluntary and allows landowners to contribute to the cost of technical studies and planning, ensuring faster project progression.