ARC proposes $10m contribution to Eden Park
26 February 2008

Auckland Regional Council has decided to consult the public on a proposed $10 million contribution toward the redevelopment of Eden Park.

ARC Chairman Michael Lee says the proposed contribution would not be made this year but would be made available in 2010, upon completion of the stadium redevelopment. The contribution would not be funded from ARC rates.

”Given the rapidly diminishing timeline and the pressing need for the organisers to secure guaranteed funding for the project, we are proposing a ‘no strings attached’ one-off grant to the Eden Park Redevelopment Board as part of the Draft Annual Plan 2008/09 process.

“Our contribution would recognise the objectives behind the government’s national contribution and the contribution of other donors including Auckland City Council.

“The ARC appreciates the importance of the Rugby World Cup for Auckland and is already committed to redeveloping large chunks of waterfront land and upgrading our public transport network including electrifying the major part of the Auckland rail network and providing brand new electric rolling stock by 2011.”

Mr Lee says the ARC’s $10m cash contribution to Eden Park would be funded by its investment arm Auckland Regional Holdings and matches the cash contribution by the NZ Rugby Union. The contribution is also conditional upon the Eden Park Trust Board accepting that the ARC would not make any future contribution to the ongoing operation of the stadium.

The ARC will release its draft Annual Plan 2008/09 for public consultation in early April.

ENDS

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