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Financial contribution for central city set at 1%

Financial contribution for central city development set at one per cent

Auckland City Regulatory and Fixtures Subcommittee has set the financial contribution level for open space and reserves to one per cent of the value of new developments in the central area.

This follows a committee resolution to settle appeals with AMP Henderson Global Investors New Zealand Limited, Westfield (New Zealand) Limited, St Lukes Group Limited, Ports of Auckland, Empire Tavern Limited and James Kirkpatrick Limited.

Councillor Juliet Yates, the committee’s chairperson, says “Financial contributions are an integral part of our resource management strategy. They provide significant public benefit through enabling the development of public spaces, pedestrian routes to link these spaces and improving pedestrian facilities.”

The new financial contribution is double the present level. It will ensure that new development helps provide public open space and upgraded streetscapes to meet the needs of the central area’s expected population increase of 23,000 over 20 years.

“Developers and resource users should be aware of the true cost of the effects generated by their developments,” says Mrs Yates.

This policy change supports the council’s strategy to revitalise Auckland’s CBD into one of the world’s most vibrant and dynamic business and cultural centres.

The new contribution will come into effect once the proposed Central Area plan becomes operative later this year.

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