Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Queenstown says CBD convention centre plan viable, legal

Queenstown council says CBD convention centre plan viable, legal

By Pam Graham

June 24 (BusinessDesk) - Queenstown Lakes District Council has advice its convention centre plan is legal and financially viable even though many other convention facilities are in various stages of development around the country.

After spending $500,000 on ten reports over three years the council will consider a new report recommending it approve a council-led development on the Lakeview site at a full council meeting on Thursday.

The report from transition manager Paul Speedy and chief executive Adam Feeley shows progress has been made in talks with Ngai Tahu Tourism (NTT) on the development of hot pools adjacent to the centre.

Potential private equity partner Morrison & Co and casino operator Sky City Entertainment Group are no longer in the picture and a council-led development is envisaged, although the council will not operate the $52.5 million centre.

The question of whether leading a large property development is core business for a council under the Local Government Act has been put to lawyers. The report says the advice is privileged but there is a “high level of comfort” the council can lawfully pursue the establishment of the Queenstown Convention Centre.

The report recommends the development of the centre subject to securing funding for the $32.5 million council contribution and various procedural issues being addressed. It says $20 million of funding from the government is unlikely but a lesser amount and a visitor levy are possible funding mechanisms.

It says negotiations with NTT are proceeding with a draft heads of agreement under consideration. The lease period and renewal, rental and design are among issues being discussed. NTT declined to comment on the proposal.

If the council opts to either exchange or lease reserve land for the hot pools project it has to be notified under the Reserve Act and be approved by the Minister of Conservation.

“Preliminary discussions with the Department of Conservation have been initiated,” the report says.

The report mulls the likely competition from the 2,550-seat convention centre in Auckland and a mooted 1,500-seat centre in Christchurch, a 1,000-seat centre in Wellington and 625 centre down the road in Queenstown at Remarkables Park.

Queenstown is well-placed to host a convention centre, and it can complement by hosting “subventions”.

Wellington has a “lack of appeal as an international tourism destination” and there’s been little tangible progress on the project at Remarkables Park, which could provide critical mass for a convention centre market in the Wakatipu Basin anyway.

The report says international convention organisers prefer the Queenstown CBD.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news