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The Larakia Development Corporation has been particularly successful atgenerating its own resources. Unable to rely on mining royalties, the Larakia peoplehave established business ventures which provide the twin benefits of sustainablerevenue streams into the future, and employment and skills transfer opportunitiesfor the local Indigenous community (box 11.5.18).Box 11.5.18 Larrakia Development CorporationThe Larrakia Development Corporation (LDC) was established in 2002 with theassistance of the Northern Land Council to manage the development of landexchanged as part of a settlement with the NT Government over a long running nativetitle claim. The LDC has since completed a housing development on land at the DarlaSubdivisions in Palmerston in the NT.The LDC was established without direct government funding, although it accessesspecific Australian Government programmes, such as the Community DevelopmentEmployment Projects programme and a start up loan of $494 000 from the EnterprisesProgramme, which was repaid in 2004. The LDC’s first commercial operation (totallingover $10 million) in the Darla subdivision was funded through commercial banks.The LDC has won numerous business and management awards and is recognised bymany organisations including Defence Housing as being a well run and efficientpartner. The LDC is debt free and has returned dividends of $250 000 in grants to theLarrakia people. Income is divided evenly between the Larrakia Development Trust(established to coordinate community projects for the Larrakia people) and the LDC. Inaddition, the LDC has generated employment and training opportunities for localAboriginal people both through its own development activities and through its ownemployment placement agency.Two new businesses have recently been established:• Larrakia Homes, an incorporated company within the Larrakia DevelopmentCorporation, whose prime objective is to develop commercial and employmentopportunities• Larrakia Environmental Services, which provides an opportunity for Larrakia peopleto participate in the commercial landscaping workforce.The LDC demonstrates the power of establishing a commercial corporate body withprofit motives to support the charitable objectives of an Indigenous Community Trust. Italso highlights that good governance practices are attractive to commercial lendinginstitutions.Source: Larrakia Development Corporation (unpublished).ECONOMICPARTICIPATION ANDDEVELOPMENT11.71

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