|Description of this AgencyDescription of this Agency|
The Victorian Development Corporation was a Statutory Authority established under the provisions of the Victorian Development Corporation Act 1973.
The Act received Royal assent in April 1973. Five Members of the Corporation were appointed on the 8th May 1973. The first meeting was held on 24 May, 1973.
Until the passage of the Victorian Development Corporation (Powers) Act 1979 which came into effect in January 1980, the role of the Corporation was to encourage, promote and assist in the establishment of :
- industries of a manufacturing and processing nature which with certain exceptions were beyond a radius of 80 kilometres from Melbourne,
- tourist accommodation and facilities in the State.
The Corporation provided medium-term and long-term finance on concessional terms , offered guarantees of repayment to tradional lenders and entered into lease/purchase arrangements with suitable tenants for the purchase/construction of factories.
With the passage of the 1979 Act, the Corporation's role in respect of decentralised manufacturing industry and tourism remained unchanged. The new powers required the Corporation to encourage, promote, facilitate and assist in the establishment, expansion and development of :
- investment opportunities in the State from overseas and interstate
- the export marketing of the State's primary resources, manufactured goods and tertiary services.
The Victorian Development Corporation was abolished in 1981. The Victorian Economic Development Corporation (VEDC, VA 1109), the successor agency was an amalgamation of the Victorian Promotion Committee (VA 2902) and the Victorian Development Corporation (VA 4924), this agency.