Stadium: $261,000,000 and counting

Private sector funding now stands at close to $26 million.

### ODT Online Tue, 23 Jun 2009
Stadium to cost ratepayers $261m
By David Loughrey

Construction of the Forsyth Barr Stadium in Dunedin will cost ratepayers at least $261 million, updated figures confirm. The figure is the combined cost to be paid by the Dunedin City and Otago Regional councils, and comes after it was confirmed last week the city council had begun borrowing the $109 million it needs to fund the project.
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### ODT Online Tue, 23/06/2009 – 5:44am.
Comment by MikeStk on I beg to differ

I think one of the problems with figuring out what the stadium will end up costing us depends a lot on what you choose to include – a lot of what we’ve had quoted to us hasn’t been included in the numbers we’ve been fed by the city…
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Filed under Economics, Media, Politics, Project management, Stadiums

6 responses to “Stadium: $261,000,000 and counting

  1. The graphic associated with this article would have to be one of the most poorly assembled ever, for example it makes the Government contributed $15m look like it’s a cost to the city. Pathetic.

  2. Richard Walls

    And the simple maths!

    DCC ratepayer contribution:

    (1) 2 years rate = $9m approx
    (2) reduced dividend over 20 years
    20 @ $5m = $100m

    = $109 MILLION.

    How the servicing of the debt is handled. i.e. the interest etc within the cashflow of the council’s group of companies has already been explained ad nauseum. Cashflow.

  3. David

    Using Richard’s own miracle maths, we pay off $200m with just $100m.

    The other $100m magically appears from somewhere – but no one can explain from where.

  4. David

    Sorry – I forgot Richard is also going to “magic up” a further $56m in depreciation funding – missing from operational forecasts.

  5. Elizabeth

    ### ODT Online Wed, 24/06/2009 – 11:30pm.
    Comment by photonz on Lets throw more millions down the drain

    Carisbrook has a new railway stand, new terraces, new corporate boxes, new pitch and drainage and new lights – all within the last 10-15 years. One or two more stands and it will be completed. And that would solve almost all the issues above including the A Grade tests. But spending $200m on a new stadium will still not get A grade tests – the new stadium is too small as it has a maximum of 30,000 – while Carisbrook has held up to 42,000 spectators. Or you can bulldoze tens of millions of dollars of new infrastructure, that just last week hosted a very successful test with no complaints.
    Read more

  6. Elizabeth

    Suddenly Bev pipes up…

    ### ODT Thursday July 9, 2009 (page 16)
    Letters to the editor
    Figures for the stadium don’t add up
    By Bev Butler
    President, Stop the Stadium Inc

    The article on the stadium cost (ODT, 23.6.09) raised two further issues: 1. What impact do these figures have on the claim that the ratepayers’ contribution remains at $66 a year for the average residential property? 2. Why does the Dunedin City Council need to borrow $109 million when it has always said the DCC contribution is $91.4 million ($85 million plus the $6.4 million depreciation)?

    View the full letter in print and digital versions of the newspaper.

    Athol Stephens, manager finance and corporate support, Dunedin City Council, replies: “Stop the Stadium has appealed the High Court decision of Justice Chisholm to the Court of Appeal. As the matter is therefore still before the courts, it is inappropriate for the council to respond at this time.”

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