Myer today announces a half-billion dollar loss …

My question – is HCC still underwriting Myer Hobart?

Damon Thomas, Hobart mayor at the time of this deal, is keen to resume the mayoral office once Sue Hickey leaves.

Myer plunges to $476m loss, suspends dividend after $515m write-downs AFR – Mar 21, 2018: https://goo.gl/3VrYaq

WHO IS PICKING UP THE TAB FOR THE MYER REDEVELOPMENT?

Tasmanian Times June 19, 2014

https://goo.gl/p4KzSm

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Myer to get $30 million-plus from Hobart City Council & the state government’s ‘secret deal’

‘Myer will be eligible for a top-up worth about $3.5 million from the council if the store fails to meet turnover targets. Those targets have not been released.’

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• Hobart City Council struck $14m deal to secure Myer store in CBD

MATT SMITH, State Political Editor, Mercury October 1, 2014

Hobart City Council has struck a $14 million deal to keep department store giant Myer in the CBD.

New information released to the Mercury last night shows the council is expected to provide about $7 million each to support both Myer and ­developer Emmanuel Kalis build a new store in central Hobart. The money is in addition to the $15 million the State Government has agreed to for the project.

But the council’s contribution, ­approved in 2010, is made up of “in- kind” support — primarily from rates relief and the scrapping of tip fees and costs for road closures.

Myer will receive about $1.75 million for fitout costs from the council each year for two years.

The money will be handed over to coincide with each stage of the project, starting with the completion of stage one on Liverpool St.

Over the following two years Myer will be eligible for a top-up worth about $3.5 million from the council if the store fails to meet turnover targets. Those targets have not been released.

Details of the deal, struck in 2010 and kept secret until last night, were ­revealed by Lord Mayor Damon Thomas who said the council “could not idly stand by and simply contemplate what effect the fire at Myer’s Liverpool St site could have on southern Tasmania’s primary retail centre”.

*Peter is known to the Editor …