Daily Archives: September 12, 2011

Stadium: Private sector funding

UPDATED

The Carisbrook Stadium Charitable Trust (CST) states that sources of project funding for design and construction of Forsyth Barr Stadium include:

Private Sector Funding of $31 million (from a total of $45.5 million).

Last week, Guy Hedderwick, commercial manager at Dunedin Venues Management Ltd (DVML), in reply to a question from Cr Lee Vandervis confirmed that the donations total was still “around $330,000”.

Only $330,000 raised of the tens of millions required.

Meanwhile, Dunedin City Council has been forced to raise debt to meet the massive shortfall and is required to pay interest on this debt.

The Carisbrook Stadium Charitable Trust has serious work to do.

The Trust, at its Funders webpage, states the University of Otago will contribute $10.0 million of project funding for stadium design and construction.

Cr Lee Vandervis says “My clear understanding is that the University of Otago is not allowed to fund such things as the stadium, and that not one single dollar of university funding has built the stadium. They have merely built a university building on adjoining land next door.

“While I was on Council in 2007, Malcolm Farry, chairman of the Carisbrook Stadium Trust, said there would be $10m worth of ‘synergies’ between the University Plaza building and the stadium, but when I questioned harder these synergies turned out to be bull-dust.”

Cr Vandervis might care to check the construction and or architectural synergy between the stadium and the university building, and how the associated costs were met.

Posted by Elizabeth Kerr

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Filed under CST, DCC, DVML, Economics, People, Politics, Project management, Stadiums