I visited Armidale about a month ago for my daughter's graduation and to catch up with an old friend and saw how dry the whole area had become and wondered how summer would feel up there.
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I had the thought that Aveliss Ellery Park would be a great place for a large lake and nature area. I'm talking LARGE. Someone may have already thought of it but this place seems ideal for the start of a project like this as the area is flat and there is already a stream running through it.
I think the plusses would be: It would be a catchment for future droughts; An attractant for birds and other wildlife; A visually stimulating place and a relief from heat and drought (If properly landscaped with tasteful plantings); And it would attract visitors to Armidale, and their business.
A feasibility study wouldn't cost the earth.