What happens if sufficient funding can’t be secured for a voluntary third party funded PSP?

Commitment of Third-Party Funding (TPF) enables the Victorian Planning Authority (VPA) to program the Precinct Structure Plans (PSP) with timing certainty.  An absence of TPF creates uncertainty in relation to the timing of the PSP. 

The VPA will ask those who expressed an interest in funding the project to provide confirmation of their preferred contribution amount by a certain date. If sufficient funding is not confirmed at this stage, the VPA will re-engage with potential funders to determine if the funding shortfall can be secured by means of additional contributions from contributing landowners.  

Where sufficient up-front funding cannot be secured, the VPA reserves the right to defer or not proceed with the preparation of the project until sufficient funding is available.  

If TPF is committed later and the VPA has already reallocated its resources to other projects, then timing of commencement of the PSP will need to be rescheduled. 

In the event that the VPA is required to proceed with the PSP in the absence of full TPF, the VPA reserves the option of recovering the unfunded planning costs of a PSP through an Infrastructure Contributions Plan (ICP) or Development Contributions Plan (DCP).  It is not possible to provide an ICP/DCP credit or other offsetting recognition in relation to landowners who have already made voluntary contributions.