$15.5m sought for CBD project

INVERCARGILL

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.