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Britomart Agreement Is Ended

BRITOMART AGREEMENT IS ENDED

Auckland City Council

Auckland City Council today voted to terminate the Master Development Agreement (MDA) for the Britomart project.

Mayor of Auckland City, Chris Fletcher says the time has come to provide certainty on the status of the project.

Mrs Fletcher said, “It is Council’s view that Salomon Smith Barney (SSB) have already brought the existing contract to an end. In order to remove any doubt Council has now resolved that the contract should be formally ended.”

“Over the last year Council has consistently sought to work in good faith within the conditions of the MDA.”

The Council have fulfilled its obligations by advising its contract partners that it had obtained resource consents for the Britomart project in mid August. Under the MDA the financier was also required to be satisfied with the conditions of the consents.

“After two and a half months, SSB have not yet declared themselves satisfied with these consents. Three deadlines of 31 August, 30 September and 21 October have already passed.

“SSB have consistently refused to take the next step forward to allow the timely progress of the project”, said Mayor Chris Fletcher.

Mrs Fletcher says the time has come to move on. “Council has taken this decision after advice from officers and legal advisors, so that certainty can be achieved.”

“To advance our vision for improving transport in Auckland, we remain anxious to move ahead with the development of a central transport interchange. Today’s decision includes a direction that work can begin on options for a new transport interchange,” she said.

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