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What is the Regional Infrastructure Fund
The Regional Infrastructure Fund provides funding to improve local infrastructure and services, creating jobs and boosting business opportunities within Regional Victoria and is delivered by Regional Development Victoria (RDV).
The objectives of the RIF are:
- to increase economic and social benefits through improved community access and usability of precincts
- to increase economic and social benefits through investment in strategic infrastructure.
In the past, the Regional Infrastructure Development Fund has focused on six priority areas:
- Tertiary education;
- Sustainable industries;
- Industry investment and development;
- Transport and access; and
- Community and cultural infrastructure.
Bulletpoint assisted the Greater Shepparton City Council to receive $7.19 M towards the Greater Shepparton Regional Sports Precinct.
This project will substantially expand the capacity of the 65 hectare Greater Shepparton Regional Sports Precinct (GSRSP) by building new fields and facilities for a range of sports. It will provide modern infrastructure for the site, including a linking boulevard, fencing, landscaping, playgrounds,signage, car parks, traffic signals and supporting works.
The Regional Infrastructure Fund is the main infrastructure program of the Regional Jobs and Infrastructure Fund (RJIF). It aims to harness key regional strengths to improve regional Victoria’s productivity and liveability. It invests in major infrastructure projects that create or enhance the conditions for economic growth, and build diversified and sustainable regional economies that are resilient to change.
The Regional Infrastructure Fund provides public grant funding for the following four program streams:
This program stream aims to harness the economic strength of regional Victoria’s visitor economy. It will create new or redevelop existing tourism and cultural assets that improve the attractiveness of regional Victoria and stimulate increased visitation and private sector investment. These projects will diversify regional Victoria’s economic and social base.
Productive and Liveable Cities and Centres
This program stream aims to stimulate new investment opportunities and jobs growth. It aims to increase the use and dollar-spend within regional Victorian cities, centres, towns and precincts as well as improve access and connectivity to transport, retail and service hubs. Projects supported under this program stream will coordinate a number of economic and social services and activities and create or enhance economic growth conditions.
This program stream supports regional industries to innovate, build resilience and improve adaptability to changing economic and environmental conditions. This program stream recognises that investments in strategic and enabling infrastructure are critical to providing a competitive environment for existing and emerging regional industries to operate in.
At the same time, they help unlock the region’s growth potential.
This program stream will assist rural Victorian businesses and communities to create opportunities for economic growth. It will also assist in enhancing the appeal and liveability of rural towns and surrounding areas by improving local infrastructure.
Regional Infrastructure Fund applications will need to demonstrate the proposed project’s ability to meet a significant number of criteria.
Funding will be provided for projects that:
- improve the economic performance of a precinct
- improve business, transport, retail, education, social, cultural, industry or community linkages
- provide multi-purpose infrastructure, suitable and accessible for a wide range of business and community groups such as business hubs, co- working spaces, community and event facilities
- support cultural initiatives of economic significance to the region such as renewal of buildings and sites, arts and cultural centres or resource facilities.
Some of the criteria for assessment of Regional Infrastructure Fund may include:
- Does the proposed project attract new investment, or complement other investments in your region?
- Demonstrate how the proposed project will create new jobs
- Show how the proposed project facilitates the integration of your region into global markets, including opportunities for exports or import replacement.
- Identify any other ways in which your project will stimulate or maintain economic growth in your region
- Demonstrate how the proposed project enjoys relevant local community and/or industry support.
- Show how the proposed project is consistent with ESD during construction and operational phases
- Indicate how the proposed project will contribute to or build on identified key regional strengths and how it adds value and benefit to existing products and services.
- Demonstrate how the proposed project provides an adequate social return to the community, and indicate who else will benefit from this project.
- Show how the proposed project is consistent with objectives and key outputs of local or regional economic development strategies, including Municipal Strategic Statements
- State how the proposed project is consistent with the Victorian Government’s stated policy commitments to regional Victoria.
- Identify project risks and how these are to be managed