Otago Daily Times

$15.5m sought for CBD project


- LUISA GIRAO luisa.girao@odt.co.nz Business · Invercargill · Stephen Foster

A RE­QUEST to bor­row the re­main­ing $15.5 mil­lion to fund part of In­ver­cargill’s CBD de­vel­op­ment will be put to city coun­cil­lors to­day.

A re­port from In­ver­cargill City Hold­ings gen­eral man­ager An­drew Cameron and the coun­cil’s fi­nance and as­sur­ance in­terim group man­ager Dave Fos­ter will be pre­sented at an In­ver­cargil City Coun­cil meet­ing fol­low­ing its com­mit­ment to in­vest up to $46 mil­lion in the project.

The coun­cil has al­ready in­vested $25 mil­lion, but agreed to in­vest a fur­ther $16 mil­lion af­ter pub­lic con­sul­ta­tion in June.

The loan would be at Lo­cal Gov­ern­ment Fund­ing Agency cost plus 0.5%, ‘‘be­ing a rate that is no bet­ter than the com­pany could ob­tain in its own right,’’ the re­port states.

It has been agreed that all eq­uity fun­ders — In­ver­cargill City Coun­cil (through In­ver­cargill City Hold­ings Ltd ), O’Don­nell CBD Ltd, Ge­of­frey Thom­son, the Pro­vin­cial Growth Fund, and the Gov­ern­ment’s shovel­ready fund — pro­vide their funds to In­ver­cargill Cen­tral Ltd by next Fri­day.

The project com­prises the con­struc­tion of a cen­tre com­pris­ing re­tail, food and bev­er­age and of­fices in the block bor­dered by Dee, Tay, Kelvin and Esk Sts.

In­ver­cargill Cen­tral Ltd com­mu­ni­ca­tion man­ager Amy Hibbs said pre­vi­ously the next stage of build­ing would be com­pleted by April 2022 when the an­chor tenant Farm­ers opens.

In­ver­cargill coun­cil­lors will also re­ceive the mayor’s re­port in which Sir Tim Shad­bolt will con­firm the ap­point­ment of Nobby Clark as his deputy mayor af­ter the res­ig­na­tion of Toni Bid­dle from coun­cil.

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