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The redevelopment plan includes an approximately 6,200ft² terrace at the front of the tower, among other additions.
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The charge will be based on the development's floor space, with a reduced rate for projects on brownfield sites.
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The two bridges are at least 70 years old and located close to one another.
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The upgrade focuses on enhancing the cooling capacity at the plant and supplying supplementary equipment installation.
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The move forms part of the Labour government's wider Plan for Change.
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The project is being supported via over A$2m from the NSW Government and more than A$6m from Kempsey Shire Council.
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The redevelopment will see the plaza's current bus stops replaced by a sheltered bus platform with 20 stops.
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