Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 

Eden Park to get facelift funds

MEDIA RELEASE

May 23, 2002


Eden Park to get facelift funds

The Auckland City Council will make funds available so that improvements can go ahead at Eden Park.

The council has decided not to review a decision made in February to lend the Eden Park trust board $2 million. This is in spite of the fact that Eden Park will no longer host World Cup rugby matches.

The Finance and Corporate Business Committee gave approval for the board to redraw money paid back under the terms of council’s $10 million loan set up in 1999.

The board asked for the additional funds to put towards to the $4 million cost of reconstructing the No 1 field at Eden Park.

The chairperson of the Finance and Corporate Business Committee, Councillor Douglas Armstrong says, "Irrespective of losing the World Cup sub-hosting responsibilities, the fact remains there is still a need to reconstruct the No 1 ground. Auckland City has a responsibility to ensure that we have sporting venues of an international standard if we are to compete with other New Zealand venues and internationally.”

The original $10 million loan to the Eden Park Trust Board was drawn in July 1999. Since then the board has, according to the terms of the loan, repaid nearly $2 million of principle and interest, and it is this amount that the board wants to redraw.

Councillor Armstrong says the interest payable on the redrawn loan is at a rate of 0.45 per cent above the 90-day bill rate and the loan is more than adequately covered by security.

"The trust's record of repayment is excellent. All payments have been made in full and on time. In addition, the trust board has consistently repaid more than the minimum repayment requirements stated in the loan agreement."

Councillor Armstrong also says the fact that $2 million is being lent to Eden Park will not have any impact on the council's ability to consider other applications for council funding.

"There is adequate funding in the council's loan pool to enable the council to consider other applications for assistance," he says.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Peters/Ardern Triumph

There are a lot of good reasons to feel joyful about this outcome. It is what so many young voters – the best hope for the country’s future – wanted.

Far more important than the implications for the Economy Gods ( is the dollar up or down? ) last night’s outcome will also mean many, many vulnerable New Zealanders will have a better life over the next three years at least.

Yet the desire for change was in the majority, across the country..>>>More


Reaction

Labour on its agreement |Peters: Post-Election Announcement Speech | Greenpeace “cautiously hopeful” about new Government | ACT - Madman on the loose | E tū ecstatic | Chamber welcomes the outcome | Greens on their joining Govt | EDS welcomes new govt | Immigrant groups worry | Feds ready to engage new coalition government | Labour Ministers of the Crown announced

 

Climate: Increasing Greenhouse Emissions Hit NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate…More>>

ALSO:


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>

ALSO:

Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>

ALSO:

Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>

ALSO:

Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>

ALSO:

Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>

ALSO:

Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election