The Townsville City Council has approved a new Jobs and Investment Package that will offer incentives to attract new residential and retail developments within the city’s CBD.

The latest package will offer discounts on council fees and charges to prospective developers to a cap of $5 million for eligible developments.

Developers of residential projects must have a construction value greater than $3 million within the CBD area to be eligible to apply for the discounts.

The decision was approved last week as part of a major campaign to generate new jobs and investment within the Townsville CBD.

The city intends to reach a target of 30,000 people living, working and visiting the CBD by 2030.

The plan follows the original CBD development incentives launched in 2011 that attracted $270 million of eligible projects with a cap of $7.5 million.

The incentives generated 302 new residential apartments and 185 short stay accommodation apartments that are due to be completed in June 2015.

The package also created in excess of 44,000 metres of commercial and retail space in the Townsville CBD.

The Mayor of Townsville, Jenny Hill, said that the new incentive package would stimulate investment and employment and generate long term economic benefits for the city.

“The new incentives package will keep us on the front foot in attracting development opportunities and much needed jobs especially now when construction is in a slump and unemployment is a big concern for many families across the city,” she said.

The Job and Investment package also includes plans to develop the Priority Development Area for the Townsville Waterfront Precinct and the centralising of council workers in the former Commonwealth Building in Walker Street.

In addition to the new package, the council has also adopted the Strategic Land Management Policy which aims to provide an integrated approach to the management, acquisition and disposal of land in Townsville.

Planning Development Committee Chairman Tony Parsons said that the Jobs and Investment Package would deliver big benefits for the city.

“The incentives scheme is an important long term investment in Townsville’s future. In addition to driving economic activity, new projects will put added downward pressure on rates by focusing development in areas with existing infrastructure rather than into new development fronts,” Mr Parsons said.

“Council has consulted with the CBD Task Force and business and industry groups in the city and everyone agrees that there needs to be a continuation of incentives to attract investment and ultimately jobs that will benefit the entire city.”

The new incentives package will commence from July 1 this year and end on June 30, 2018.