Stage 1 for the Shell Cove boat harbour is currently out to tender after Shellharbour City Council and developer Australand signed a contingency funding agreement.
"This is a momentous occasion for Council and the residents of Shellharbour City and a significant step toward completion of our world class harbour precinct," Shellharbour Mayor Kellie Marsh said.
Ms Marsh said the contingency funding will cover a projected shortfall between the timing of revenue from land sales and commencement of the second stage of the boat harbour to allow the project to proceed through to completion.
Australand Development Director Glenn Colquhoun said the first tender was for the project’s civil works to be constructed in three separate stages.
He said stage 1 comprises approximately 400,000 cubic metres of bulk excavation work, installation of a coffer dam and construction of the component of break wall and groyne west of mean sea level and placement of the excavated material in surcharge mounds.
The Mayor said the tenders would be advertised in the local media in the coming weeks.
The boat harbour will accommodate a 300-berth marina with adjoining land utilised as a retail and commercial centre, residential development, a technology park and boat servicing facilities. Increasing tourism capacity was also a key consideration in the design of the boat harbour.