Ports’ profits benefit Auckland infrastructure by $208 million

Ports of Auckland has contributed $208 million to Auckland infrastructure in the past five years, ARC Chairman Mike Lee said today.

“Media comment about Queens Wharf and the role of Ports of Auckland seems to forget who owns Ports of Auckland and what happens to the port’s profits.

“The ARC owns Ports of Auckland through Auckland Regional Holdings (ARH). The dividends the port pays come straight back to the ARC via ARH, and are used by the ARC to fund investments in Auckland’s infrastructure and public transport.

“Profits from the cruise ship terminal operations would also come back to the people of the region.

“Furthermore, it should be pointed out that the ARC and Government bought Queens Wharf from Ports of Auckland for $40 million. This price was considerably below a Ports of Auckland valuation of $106 million in 2007, and little over half the opening bid of $72 million that Auckland City Council was looking to buy Queens Wharf for.

“Through tough bargaining, the ARC achieved a much better deal for ratepayers,” Mr Lee said. “The deal is even better when you remember that Ports of Auckland is obliged to pay for ongoing maintenance of the wharf’s structure.

“There is a real concern about the lack of leadership on Queens Wharf – especially from the two leading ‘Super Mayor’ candidates. We have heard these two gentlemen talk a lot in general their exciting aspirations for Auckland – but there’s been little detail. The mayoral candidates need to front up now because we have a situation in which the public appear to be ahead of the politicians.

“Approximately 60 per cent of people who have reviewed the four options on www.queenswharfnz.com support option 4 – the cruise ship terminal option over the three temporary ‘party’ options.

“It wasn’t so long ago that we heard endless complaints about ‘cars and bananas’ on Queens Wharf. We in the ARC listened to those complaints, took action and with the Government, bought Queens Wharf so it could be developed. Here at last is the opportunity to follow through and create something which will significantly enhance our waterfront – not just for our overseas visitors but for all Aucklanders and their quality of life.”

ENDS

© Scoop Media