City of Newcastle will receive almost double the money that the NSW government offered for land acquired for the Newcastle Inner City Bypass.
Transport for NSW compulsorily acquired eight parcels of land in Lambton and New Lambton in June to construct the Jesmond to Rankin Park section of the bypass.
Transport made an offer of $1,155,000 for the land, but council opted in May to reject this after an independent valuation came in at $1,950,000 and a compromise couldn't be reached. The council voted to have the Valuer General instead make the compensation determination.
A report to Tuesday's council meeting said the Valuer General made a preliminary determination on September 30 and a final determination on November 10, without any further amendments, for a compensation value of $2,140,000.
CN will receive that amount, plus interest calculated from the transfer date of June 6 to the date the compensation is paid, which is usually 28 days from the date of determination.
The proceeds will be transferred to council's internal cash reserve: 'Works Program - New and Upgrade'.
Council CEO Jeremy Bath said it was a "fantastic outcome for ratepayers".
"I'm grateful the council had faith in our staff and our recommendation that we not accept TfNSW's low offer," he said.
"I hope Transport will now review their approach to compulsory property acquisitions and in the future ensure that any vendor is fairly compensated for their loss of land."
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