Annual Plan proves a winner for business and mainstreet associations

Annual plan submissions have resulted in the Auckland City Council adding business / mainstreet associations to the community loan scheme, making the organisations eligible for 100% capital works loans.

As a result of this decision, the associations will be able to progress capital works projects within their respective areas, ahead of when the work had been planned to be undertaken and funded by the council.

The chairperson of the council’s Strategy and Governance Committee, which recommended the change, Councillor Mark Donnelly, says he is delighted the eligibility of business / mainstreet associations for loans was approved today by the council’s Finance and Corporate Business Committee.

“Today’s decision is clear evidence of the value of the draft annual plan consultation process. Mainstreets will now be able to both beautify their areas and enhance their economic potential,” says Councillor Donnelly.

“Equally, the council will benefit from having a third party finance capital works undertaken to enhance council land and assets.”

Any loans to fund 100% of the cost of the proposed works will need to be approved by both the chairperson of the council’s Finance and Corporate Business Committee, Councillor Douglas Armstrong, and Auckland City’s Director of Finance, Mr David Rankin. The loans will be subject to the terms and conditions set out in the council’s loan policy for community loans over $200,000.

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