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$6.5M funding from ASB Community Trust

Press Statement for immediate release

8 May 2008

Eden Park Redevelopment receives $6.5M funding from ASB Community Trust

The Eden Park Redevelopment Board today welcomed the announcement from the ASB Community Trust that it had approved a grant of $6.5M towards the Park’s redevelopment for Rugby World Cup and beyond.

Board chairman John Waller said: “This caps a great week for the redevelopment and the Board wishes to thank the Trust for its very generous contribution. On top of our recently granted building and resource consents, this reaffirms that the project is on track in terms of funding, budget and construction timeline.”

Mr Waller said that the grant further narrowed the remaining funding gap for the Park to only $12M of the $240.5M budget.

“This contribution makes an important difference to our funding efforts, and we are now 95% funded with over two and a half years still to run.”

Mr Waller said that the Redevelopment Board had made an application to the Community Trust late last year seeking a contribution to the project on the basis that the redevelopment for Rugby World Cup will bring considerable economic benefit to the region, and that governance of the Park is to be changed so that it operates for the benefit of the Auckland community as a whole.

“We are delighted that the ASB Community Trust considers that the Park’s redevelopment has sufficient benefit to the community that it warrants a contribution of this scale. We are confident that both the design of the Park and the governance changes accompanying the project will leave Auckland with a valuable post-Rugby world Cup legacy.”

ENDS

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