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

 


$75 Million Cash to Fast-Track Auckland City Rail Link

$75 Million Cash to Fast-Track Auckland City Rail Link


Queen’s Wharf and Queen Elizabeth Square will remain publicly owned under a deal put forward by two Auckland businessmen to fast-track the city’s new rail link.

The kiwi entrepreneurs behind Auckland’s landmark City Works Depot precinct, James Brown, 39 of Freemans Bay, and Simon Rowntree, 39 of Orakei, have today made an unconditional $75 million cash offer for Auckland Council’s downtown car-parking building in need of an upgrade.

Mr Brown and Mr Rowntree have provided a $7.5 million deposit, able to be cashed today on acceptance, with a settlement date for the remaining $67.5 million of 1 July 2014, only 25 days from now.

The $75 million offer includes a significant premium, meaning the transaction would reduce Auckland’s Council’s operating deficit for 2014/15, allowing rates to be lower than they would otherwise be.

Mr Brown and Mr Rowntree, who also operate Tournament Parking, were motivated to make the offer after proposals were made to privatise public space, in the form of Auckland’s iconic Queen’s Wharf and Queen Elizabeth Square.

“The rail link is essential for Auckland but it’s wrong for the Council to sell public space to fund it,” a spokesperson for Mr Brown and Mr Rowntree said today. “This offer would keep Queen’s Wharf and Queen Elizabeth Square in public ownership while providing $75 million cash to kick-start Mayor Len Brown’s vision for long-awaited first-world public transport.”

Mr Brown and Mr Rowntree’s offer includes commitments to protect the interests of Auckland shoppers and commuters. Specifically, their offer includes legally binding commitments not to increase casual parking rates above the rate of inflation for at least five years, and to maintain existing free public access from the car-parking building to Customs Street West, Lower Hobson Street and Albert Street.

“These guys are born-and-bred Aucklanders, they love this city and they’re 100% behind Mayor Brown’s public rail vision,” Mr Brown and Mr Rowntree’s spokesperson said. “This deal will preserve Queen’s Wharf and Queen Elizabeth Square from foreign ownership while providing the cash to make the mayor’s vision for first-world public transport come true.”

END


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

EPA: Board Of Inquiry Rejects Basin Flyover By Majority Of 3 To 1

The independent Board of Inquiry delegated to decide on the Basin Bridge Proposal has, by a majority decision (3 to 1), cancelled the Transport Agency’s Notice of Requirement and declined its resource consent applications for the construction, operation and maintenance of a flyover on State Highway 1 in Wellington City between Paterson Street and Buckle Street/Taranaki Street...

Parties specified under Section 149Q(3) of the RMA now have 20 working days to make comments on minor or technical aspects of the report. More>>

 

Parliament Today:

Red Tape: Local Regulations Go Under Microscope

The Government says it is accepting nearly all of the recommendations the Productivity Commission has made on ways to improve local regulations. More>>

ALSO:

Gordon Campbell: On The Non-Apology To Tania Billingsley

The refusal by Prime Minister John Key to issue a personal apology to Tania Billingsley has been accompanied by an array of excuses... Yesterday though, Key’s choice of words indicated that an apology was the last thing on his mind. More>>

ALSO:

Conventions: Winston Peters On The Nation

Winston Peters opens door to standing in East Coast Bays electorate, says it's an "exciting point" and he's thinking about it. "I’ve had a whole lot of people writing to me and calling up and saying ‘why don’t you have a go in East Coast Bays’." More>>

ALSO:

Waitangi Tribunal: Report On The MV Rena

In its interim report, the Waitangi Tribunal has found that the Crown’s conduct in response to the grounding of the MV Rena on Otaiti (Astrolabe) reef breached the principles of the Treaty of Waitangi. More>>

ALSO:

Gaza: Wellington Protest For Palestine Calls For End To Bombing

Around 300 people gathered outside the Israeli Embassy in Wellington on Friday to protest Israel’s occupation of Palestine. More>>

ALSO:

Gordon Campbell: On The Failure To Prosecute The GCSB

So one hand of the state – the Independent Police Conduct Authority – has now washed the hands of its brother agencies, and declared that all hands are clean. Case closed. More>>

ALSO:

Illegal Search: Police Behaviour 'Reminiscent Of Tūhoe Raids'

"Māori will lose further trust and confidence in the New Zealand Police and the Independent Police Conduct Authority (IPCA) if the recent incident in Stratford is not adequately addressed. This behaviour would not occur in Epsom or Khandallah so why should police think that such behaviour was acceptable in Stratford," says Chris McKenzie. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news