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Council supporting V8 Supercar street race

Council supporting V8 Supercar street race

Auckland City yesterday voted its continued support for the proposed 2006 V8 International street race as part of the city’s finalised annual plan.

Council resolved, 13 votes to 7 to: provide a $3.5 million interest free loan to event organisers IMG to be repaid over seven years not be liable for any ongoing operational costs, and become a joint equity partner with IMG and share 25 per cent of the profits.

Councillor Scott Milne, chairperson of the Recreation and Events Committee, says: “We are only about 23 days into a 700 day process in preparing for this event. Significant public consultation is underway in the form of individual feedback and public meetings. We are working with North Shore, Waitakere and Manukau councils, the ARC and Transit on the detailed travel and traffic management required to host this event. With continued support, feedback and advice from Aucklanders and relevant experts we believe we can make this event happen and make it a world class event for Auckland and New Zealand to be proud of.”

Council was advised in officers’ reports that a new assessment estimates that the city will enjoy an economic benefit of more than $40.2 million a year from the event.

Auckland City also had an independent public policy peer review undertaken on the race proposal. Conducted by Deloitte, it notes that various circuit options have been assessed against the set selection criteria.

Other key points of the review are: that the social benefits of a major recreational event in Auckland City and increased economic activity in the central business district (CBD) are the major benefits the most significant cost is the traffic congestion caused by road closures. The level of traffic disruption will be dependent on how well traffic is managed that the financial assessment is based on other motorsport events that IMG is involved with and the assumptions appear reasonable.

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