NSW: Labor Council to sell radio licence

AAP General News (Australia)
12-19-2000
NSW: Labor Council to sell radio licence

SYDNEY, Dec 19 AAP - The historic Trades Hall building in Sydney's Chinatown is to
undergo long-awaited restoration following the sale of one of the New South Wales Labor
Council's radio licences.

The $25.3-million sale of the 2KY licence to the TAB means the refurbishment of the
heritage protected building has finally become viable.

Labor Council secretary Michael Costa said the council had been attempting to restore
the Trades Hall building, without success, for some years.

"I have negotiated with various third party developers but all of these have come unstuck
due to the complex planning and financial requirements of a deal involving a third party,"

Mr Costa said today.

"Under today's announcement, Labor Council will apply its own resources to a simpler project."

The Labor Council plans to spend $10 million on the refurbishment, including the building
of a new auditorium as well as office and retail facilities.

The balance of the proceeds from the SKY sale will be invested in a special purpose
fund to ensure the financial viability of the Labor Council into the future.

The sale has been approved by the Council's finance committee and is expected to receive
final approval at the Council's February annual meeting.

The Labor Council will retain an interest in broadcasting through its other AM licence, 2KM.

Mr Costa said 2KM would become `The Voice of Labour' with music and current affairs
sympathetic to the traditions and principles of trade unionism.

He said he expected the value of the 2KM licence to appreciate when digital technology
was introduced.

AAP jw/mg

KEYWORD: LABOR

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