Stadium finances are still not completely clear

THE article by David Loughrey (ODT, 16.2.19) gives the clearest insight into the stadium financial situation we are likely to get.

But the gross figures do not add up, and there appears to be $80 million missing from the debt amount.

If the final stadium cost was

$230 million$260 million, including interest, and Dunedin Stadium Property Ltd still owes $90 million, with $26 million paid off and DCC taking on $30 million, there is a discrepancy of at least $80 million.

The article does not state whether the amount paid back is interest plus capital, or just interest.

The mayor candidly admits the stadium has been a mixed blessing and a high price is being paid by all. The commercial sector gets some payback but the residential and rural ratepayer sees only constant rates increases.

The most frivolous comment in the article is by exmayor Peter Chin who said: ‘‘The . . . reality is we would not have done anything with that money, because there was no other vision there for it to have been spent.’’

Meanwhile, Aurora Energy and Delta were quietly imploding, DCHL was in crisis and vital infrastructure work and social housing neglected. Sludge was quietly choking mudtanks in South Dunedin and inadequate stormwater pumps later contributed to the serious flooding there.

Having apparently learned nothing from these calamitous events, the council continues to have grand visions at the expense of basic social housing and maintenance work to protect its citizens.

The purported $77 million brought in to the city from concerts is highly dubious and meaningless without factoring in the overwhelming debit side, which will blight generations for many years to come. Stew Webster

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BIBLE READING: Love must be sincere. Hate what is evil; cling to what is good. Be devoted to one another in brotherly love. Honour one another above yourselves. — Romans 12:910.