Melbourne City Council has demonstrated, once again, its failure to manage the affairs of the city and how far removed from reality it is .
Its recent decision to buy back the 'old' Melbourne Power Station in Lonsadale Street should be reviewed by the State Government.
Link to original article in the Age
Millions of dollars wasted in what could only be seen as highly questionable land deal costing ratepayers millions of dollars. Where is the logic, strategic Planning and benefit to the City.
This is not the first time the City of Melbourne has sold property at a bargain price only to buy it back a few years later at an inflated value. (Remember the Queen Victoria building site)
The City Council must now release the full details of the original contract of sale and the proposed partnership agreement to buy back the site at twice its original sale price.
Questions must be answered if public confidence is to be maintained.