Funds from the proceeds of sale of Hanging Rock’s East Paddock will be invested in an interest-bearing account and held until Macedon Ranges Shire Council resolves to direct them.
Councillors moved the motion at their ordinary meeting last week following transfer of the land at 139 South Road, Newham, to the Victorian Government.
MRSC endorsed the sale at its meeting on May 25 following a lengthy negotiating process. Sale and transfer was made on June 30.
The Department of Energy, Environment and Climate Action and council officers are continuing to progress the necessary steps to permanently reserve the land for public purpose.
An officer report to councillors stated work to determine the best use of funds for the community is ongoing and will be allocated through council’s usual budget processes.
“Council is considering a range of options for the allocation of the proceeds of sale, in line with the intention to contribute the funds to the betterment of the community,” it said.
The council will continue to work with DEECA on the Hanging Rock Precinct Master Plan, and in its role as Committee of Management.
