Carisbrook purchase by borrowing


### ODT Online Fri, 19 Jun 2009
Carisbrook difficult to value
By David Loughrey
It emerged this week [Carisbrook] will be sold to the Dunedin City Council in the next few weeks for $7 million, and while he was unwilling to confirm the figure, council finance and corporate support general manager Athol Stephens said yesterday the money would have to be borrowed.
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### ODT Online Fri, 19/06/2009 – 1:48pm.
Comment by russandbev on Life membership for Harland and Chin
Let’s just track what is going on here. The ORFU owe the City $2m and this is overdue for repayment. The ORFU also owe the BNZ something like $4m but it could be a little more. The ORFU run at a yearly loss. The DCC borrows $7m to give to the ORFU for a property that will not be used for its current purpose. The ORFU then give $2m of the borrowed money back to the DCC and $4m to the bank…
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Posted by Elizabeth Kerr

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