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


CCH approves support for economic development

Chch City Council approves support for economic development

Christchurch City Council will allocate about $7.3 million of interest earned from its Capital Endowment Fund over the next three years on a variety of projects and organisations to encourage economic development.

The fund was set up in April 2001 with $75 million -- the council $B!G (Js share of proceeds from the sale by Orion of a North Island gas company. Managed so that its capital growth continues to match or exceed the rate of inflation, additional interest from the fund is split 70/30 between economic development and civic/community projects.
Final decisions about the civic and community allocation, worth about $3.5m over three years, will be made later in the year although councillors have indicated they intend some of it will be used to help pay for community facilities.

The 70 per cent allocated to economic development initiatives support council $B!G (Js goals and objectives, including promoting economic development, encouraging business that provides high-value jobs, working with business and education to attract and train people in skills that business needs and attracting skilled workers.

Distribution from the fund is now three-yearly, in the same way that top-line council planning is done once every three years, and councillors last week considered a report recommending allocations for the economic development portion - worth about $2.4m a year, or $7.3m in total.

They agreed to provide $800,000 for projects run by Christchurch and Canterbury Marketing (CCM), $1.53m to further develop and implement projects being managed by the Canterbury Development Corporation (CDC), up to $350,000 to Ferrymead Park Ltd to develop a commercial visitor experience at Ferrymead Historic Park that will complement other private visitor experiences there and up to $900,000 to support the NZPGA Championship golf tournament at Clearwater. About $220,000 will be kept for future decisions.

The balance, $3.2m, goes to the Canterbury Economic Development Fund. This is managed by CDC and has been successful in helping new ventures get started. In many cases the fund makes loans or takes equity in the ventures it supports and has begun earning income from dividends and interest payments on loans.

The CCM grant includes $100,000 in the coming year for Banks Peninsula marketing and to assist in plans to support the council $B!G (Js visitor and events strategies.

The NZPGA is tied into the professional golf associations of the United States and Australasia. In supporting it, the council receives significant returns in terms of coverage, international exposure, financial benefit for the city and benefits for the sport. As such, it fits well with the objectives the council has for the fund.

The world-class event showcases the city and is a strong visitor attractor. Research around last summer $B!G (Js championship indicated it had a $5.7m economic impact (based on a total spend of $3.8m), generated 28 hours of international TV coverage, drew about 2300 visitors. About 24,000 attended the event, almost all local people who did not have to pay.

Mayor Garry Moore says, "Our Council has a proud tradition of being enterprising and getting in behind community initiatives that create jobs. We as a community need to have a broad-based economy which gives our children and our children's children a future. One part of our economic development is to promote our city as a highly desirable place to live, to visit and to play.

"The only international coverage we have is the international PGA golf tournament. I am delighted that the council has decided to continue supporting this event, which the ratepayers of Christchurch can attend for free."


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>


Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>


Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>


Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>


With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>


Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news