Record number of applications received for capital funding
For immediate release
18 July 2014
Record number of applications received for major capital project funding
The Rotorua Energy Charitable Trust has received a record number of funding applications following its major capital project funding announcement in March this year.
Four months ago the Trust called for expressions of interests from organisations throughout the Rotorua District with ideas for capital projects that require a grant of more than $750,000.
Since then, 30 organisations have applied to the Trust, seeking a total of $51 million in respect of projects with a total capital cost of $102 million.
Trust chairman Grahame Hall said the Trust last sought input from the community in relation to major capital projects to fund in 2006.
“At that time we received applications seeking $39 million in respect of projects with a capital cost of $166 million,” he said.
“While the Trust was aware of numerous community projects planned for the Rotorua District requiring significant amounts of funding, the level of applications exceeded our expectations.
“The level of funding requested compared with the total value of the projects indicates that many of the planned projects are at the developmental stage.”
Mr Hall said 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.
“The Trust has acknowledged receipt of all applications and will assess these with a view to determine which projects will be supported by the Trust.
“This decision is expected in October with any funding approved being available after March 2015,” Mr Hall said.