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Long Bay arbitration result released

Long Bay arbitration result released

20 June 2003

The Auckland Regional Council yesterday received an independent arbitrator’s decision which puts a $7.9million price tag on three pieces of land it purchased in May last year to add to Long Bay Regional Park.

The ARC is purchasing the land from Landco Long Bay Limited®. The Council and the vendor agreed to enter into arbitration after the two parties failed to achieve a resolution on the price of the land.

ARC Parks and Heritage Committee Chairman Bill Burrill says the arbitration process was the most effective way for the Council to achieve the best outcome for ratepayers.

“The ARC’s bottom line has remained the same throughout this lengthy land acquisition process – we remain committed to responsible use of ratepayers’ money. The Council was determined to acquire more land at Long Bay to add to the Regional Park but at a fair market price,” Cr Burrill says.

The arbitrator’s award values the land at $7.9million which is between the respective parties’ valuations.

Cr Burrill says ARC will consider its response to the arbitrator’s decision at a Council meeting within the next week.

The Council has already paid an agreed sum of $5.77 million to Landco in order to secure the land. It now has the option of either buying all of the land, or proportionately reducing the area purchased in order to bring down the dollar value to within financial constraints previously approved by the Council.

“I am delighted that the ARC and North Shore City Council have been successful in securing land at Long Bay, which includes the backdrop to the Park, so it can be preserved for future generations,” Cr Burrill says. “This arbitration decision simply brings that process closer to an end so we can get on with managing the enhanced Long Bay Regional Park.”

Cr Burrill says the 110-hectare park attracts 1.5 million visitors per year.

“Collectively, these parcels of land will protect for all time the countryside coastal setting of Long Bay Regional Park. They will also ensure the current access remains and long term will provide for additional recreational space and a buffer zone between the park and any residential development.”

“We look forward to working with North Shore City Council on the future of Long Bay Regional Park,” says Cr Burrill.

ENDS

© Scoop Media

 
 
 
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