2 June 2006

Another boost for an Auckland icon

Auckland City has welcomed today's announcement of a $4.7 million Department of Internal Affairs community facilities grant for the redevelopment of the ASB Showgrounds.

The Department of Internal Affairs joins ASB Bank, ASB Charitable Trust, the Showgrounds organisation and Auckland City in providing substantial financial support for the $26 million facility upgrade.

The chairperson of the Economic Development and Sustainable Business Committee, Councillor Richard Northey, says the funding will complement Auckland City's $5 million contribution to the ASB Showgrounds redevelopment as a significant investment in enhancing an events-friendly city.

"We are pleased that central government has matched our funding, almost dollar for dollar, so that a great facility can be realised for Auckland and New Zealand," Mr Northey says.

He says Auckland City was instrumental in securing additional contributions for the ASB Showgrounds by partnering to develop business case proposals, financial modelling and a supporting business plan.

"Auckland City helped in the fundraising process by working with the ASB Showgrounds to develop and present a robust business case and proposal to prospective funders.

"We feel gratified that the vision we have for the country's premier exhibition centre is coming to fruition and that the end result will be a world class, multi-dimensional facility which brings major events to the New Zealand public and tourists," Mr Northey says.

The Department of Internal Affairs community facilities grant made available $8 million each year over three years. The ASB Showgrounds received the largest share and was praised for the quality of its application and the solidity of its business case.

The redevelopment includes a new entrance, food courts, wine bar, function rooms and extensions to exhibition halls.

When work is complete next year, the ASB Showgrounds will be well placed to generate an estimated $110 million per year for the Auckland economy by 2010.
The redevelopment will be done in two main stages to ensure existing business continues uninterrupted during the construction period.

ENDS

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