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Rotorua set to benefit from major capital project funding

27 March 2014

Rotorua set to benefit from major capital project funding

The Rotorua District is set to benefit as major capital projects requiring funding in excess of $750,000 now have the opportunity to access grants to get off the ground.

The Rotorua Energy Charitable Trust announced today it is calling for expressions of interests from organisations throughout the Rotorua District with ideas for capital projects that require an injection of major funds.

Trust Chairman, Grahame Hall, said trustees last sought input from the community in relation to major capital projects to fund in 2006. Two projects in excess of $1M each were funded as a result: the extension to Rotorua Museum and completion of the KartSport Track in Mamaku.

“Following our last major funding round in 2006, the global financial crisis hit, and we’ve been unable to offer the same level of major grants until now. That is because the Trust receives its income from the interest and dividends paid on a range of strategically placed investments. Those investments, although invested wisely, certainly took a hit.

“Over the past few years the Trust has concentrated on rebuilding its reserves and we are now at a stage where we can look at providing assistance for larger projects,” he explained.

Mr Hall said the Trust is aware of numerous community projects planned for the Rotorua District which require significant amounts of funding.

“The Trust is now seeking input from the wider community and wants to hear about organisations’ plans for major capital projects.

“We want to ensure all organisations have a fair opportunity to receive grants and that those projects that might be very deserving and positive for the wider community do not miss out.”

Applications to the major capital projects fund will require information about: the project, what funds will be used for, how much is needed, timing of funds required, and where other financial support will be sourced.

The Trust anticipates funds for major capital project requests will not be available until after March 2015.

“Having a long lead-in time for larger funding projects allows trustees to make more informed decisions and ensures the eventual success of the projects.”

Organisations must apply for the major capital projects fund by 30 June 2014.

An application form can be downloaded at www.rotoruatrust.org.nz or obtained by phoning 07 347 6239.

Rotorua Trust provides funding for a wide range of organisations throughout the Rotorua district. It is also the region's most significant provider of student scholarships and support for high-performing youth. The Trust has a proven commitment to ensure every funding dollar is distributed wisely with the goal of helping to make Rotorua a better place to live, work and play.

ENDS

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