MEDIA RELEASE

June 6, 2002

Funding conditions to be agreed with
Competitive Auckland

Auckland City’s Strategy and Governance committee has today resolved to support Competitive Auckland’s latest application for project funding, subject to entering into a funding agreement covering details of the work to be completed.

The application will now be forwarded to the Finance and Corporate Business committee for its consideration later this month.

Competitive Auckland applied to the council during May for a grant of $150,000 as a contribution towards a project designed to attract foreign investment, through opportunities arising as a result of 2002/2003 America’s Cup regatta.

The chairman of the Strategy and Governance committee, Councillor Mark Donnelly says that Competitive Auckland’s proposal fills a gap for Auckland around the America’s Cup, and that this is an opportunity for council to further demonstrate its willingness to contribute to the economic development of Auckland.

The total budget for the project is $300,000, with contributions being sought from private sector businesses such as Telecom, which has committed $50,000. Contributing will therefore enable Auckland City to continue fostering partnerships with the business community, says Cr Donnelly.

The project has been considered carefully to ensure that it does not cut across other economic development work the council is involved with. In particular, the council is firmly committed to the Auckland Regional Economic Development Strategy (AREDS) which is due to deliver a finalised regional strategy in July.

“The committee sees the need for an investment attraction programme around the America’s Cup, such as Competitive Auckland is proposing. Given its project timeline, AREDS will not be in a position to implement or coordinate initiatives prior to the Cup,” says Cr Donnelly.

“Consequently, we are prepared to look at providing resources to Competitive Auckland to get the initiative underway in good time,” he says.

The funding agreement will deal with project milestones, branding issues, and ownership of intellectual property arising out of the project.

ENDS

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