Last Friday’s announcement of a $3.79 million interest-free suspensory loan to Marlborough Research Centre (MRC) through the Government’s Provincial Growth Fund is a 50 per cent contribution to the cost of New Zealand Wine Centre research and office buildings at the Centre. The MRC is providing $1 million.

A report on the Centre’s financing options was discussed prior to the PGF announcement as part of last Thursday’s Planning, Finance and Community Committee. This was heard in the public excluded part of the meeting because the PGF announcement was embargoed.

To complete the required funding sought by the MRC, Councillors agreed at the Committee meeting that the Council would be a guarantor of a bank loan of $2.8 million from funders, subject to the PGF loan being confirmed, which occurred on Friday, and the detailed conditions of that loan being satisfied.

Councillors requested that once the PGF loan was confirmed, this public statement be made outlining the Planning, Finance and Community Committee decision.

The resolution and minutes covering this item are subject to ratification at the upcoming Council meeting on 6 August.

The MRC and Council have strong links and a common cause in promoting the economic development of the region. Council provides an annual grant to MRC to help ensure that the Centre achieves the maximum economic benefit it can for the region.

Marlborough Research Centre: https://www.mrc.org.nz/

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