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

 

Council considers financial support for Eden Park


Auckland Council will consider next week $63.3 million of financial support for Eden Park incorporating existing loans and guarantees already provided by Council.

The funding will be considered by Councillors at the Tuesday Finance and Performance Committee and will comprise of Council taking over the current $40 million loan and $7 million working capital facility from ASB and combining them with an existing $6.5 million loan from council.

The $63.3 million also includes a new $9.8 million loan facility which would allow the Trust to fund its programme of essential capital works.

Mayor Phil Goff said, “This is a hand-up to Eden Park, not a hand-out. The money is repayable.

“What it does allow is Eden Park to continue as Auckland’s venue for international sporting events in rugby, cricket and other sports for the medium term.

“Eden Park faces significant financial pressure. Council taking the loan over from ASB eases some demands on repayments and the new loan of $9.8 million, in the form of a repayable credit facility, will enable Eden Park to fund much needed maintenance and renewals including turf replacement and stand upgrades.

“Ratepayers will welcome Council’s proposal to issue its support as a loan rather than a grant. We have a responsibility to protect any financial investment by Aucklanders in Eden Park given that we do not own or control the Park.

“It is only fair that investment made by Aucklanders through Council in the Park comes back to them when Eden Park Trust is in a better financial position or sells the asset.

“The proposal will also be conditional on a much closer working relationship between Council, Eden Park Trust and Regional Facilities Auckland. All organisations need to work together to ensure that we have in place a joint strategy that can achieve less duplication, lower costs and better utilisation of Auckland’s stadiums.

“Council’s proposal will allow Eden Park to continue to play its role as an important sporting and event venue for Auckland for the next 10 to 15 years,” Phil Goff said.

The Finance and Performance committee paper on this matter can be found here.

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Legal Issues: Gordon Campbell On The Commerce Commission Fuel Report

Yesterday’s interim Commerce Commission report on the fuel industry will do nothing to endear the major oil companies to the New Zealand public.

Apoparently, the fuel industry is an oligopoly where the Big Three (BP, Mobil and Z) that import 90% of this country’s fuel also control the supply, pricing, profit margins etc etc, from wharf to petrol pump, thereby all but throttling genuine competition at every stage along the way. More>>

 

Emergency Govt Bill: Overriding Local Licensing For The Rugby

“It’s pretty clear some clubs are having difficulty persuading their district licensing committees to grant a special licence to extend their hours for this obviously special event, and so it makes sense for Parliament to allow clubs to meet a community desire." More>>

ALSO:

Leaving Contract Early: KiwiBuild Programme Losing Another Top Boss

Ms O'Sullivan began a six-month contract as head of KiwiBuild Commercial in February, but the Housing Ministry has confirmed she has resigned and will depart a month early to take up a new job. More>>

ALSO:

Proposed National Policy Statement: Helping Our Cities Grow Up And Out

“We need a new approach to planning that allows our cities to grow up, especially in city centres and around transport connections. We also have to allow cities to expand in a way that protects our special heritage areas, the natural environment and highly productive land." More>>

ALSO:

Ombudsman's Report: Ngāpuhi Elder 'Shocked' By Conditions At Ngawha Prison

A prominent Ngāpuhi elder is shocked to find inmates at Ngawha Prison are denied water and forced to relieve themselves in the exercise yard... Chief Ombudsman Peter Boshier has released a report highly critical of conditions at the Northland prison. More>>

ALSO:

Promises: Independent Election Policy Costing Unit A Step Closer

The creation of an entity to provide political parties with independent and non-partisan policy costings is a step closer today, according to Finance Minister Grant Robertson and Associate Finance Minister James Shaw. More>>

ALSO:

School's In: Primary And Intermediate Principals Accept New Offer

Primary and intermediate school principals have voted to accept a new settlement from the Ministry of Education, which includes entrenched pay parity with secondary principals. More>>

ALSO:

IPCA On 'Rawshark' Investigation: Multiple Police Failings In Hager Searches Confirmed

The Independent Police Conduct Authority has found that the Police's unlawful search of Nicky Hager's property in October 2014 resulted from an unwitting neglect of duty and did not amount to misconduct by any individual officer... More>>

ALSO:

Broadcasting Standards: Decisions On Coverage Of Mosque Attacks

The Authority upheld one of these complaints, finding that the use of extensive excerpts from the alleged attacker’s livestream video on Sky News New Zealand had the potential to cause significant distress to audiences in New Zealand, and particularly to the family and friends of victims, and the wider Muslim community. More>>

PM's Post-Cab: Bad Mail

Cabinet was updated on the process around prisoners sending mail, following the accused Christchurch gunman sending letters that "should have been stopped". All mail of "high concern prisoners" will now be checked by a specialist team and a changes to the legal criteria for witholding mail are expecting to go to a cabinet committee in this parliamentary session. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels