Tag Archives: Bad project

DCC on stadium

UPDATED

“A comprehensive response to all those who submitted on the Stadium, whether for or against, during the 2009/10 Community Plan process”

Response to LTCCP Stadium submitters 2009/10 (PDF, 88.3 kb)

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### ODT Online Sat, 27 Jun 2009
Council posts letter to submitters on stadium
By David Loughrey

The much debated letter to residents who presented submissions to the Dunedin City Council on the Forsyth Barr Stadium was sent yesterday.
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More coverage in Monday’s ODT.

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Wait for the splash, and further insult to ratepayers…

• The Carisbrook Stadium Trust is launching its new brand for the stadium at a function on Thursday 2 July.

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Filed under Architecture, Economics, Hot air, Politics, Project management, Stadiums, What stadium

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

Stadium Lotto: $109 million to venues company

UPDATING

### ODT Online Sat, 20 Jun 2009
Stadium: council borrows $109m
By David Loughrey

The Dunedin City Council has begun borrowing $109 million to fund the Forsyth Barr Stadium, with $90 million of that figure locked in at an interest rate of 6.4%.
Read more

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### ODT Online Sat, 20/06/2009 – 11:24am.
Comment by Calvin Oaten on Stadium borrowing

Interesting that Athol Stephens says that investing $6.4 million at 6% for 20 years would realise $17.8 million. Correct, except that he forgets to mention that first he had to borrow the $6.4 million. Now, if that was borrowed from the same source as the $109 million at 6.4% then the end result would be negative $4.33 million. Not a good result, but on par with the likely outcome of the whole stadium package. It is seriously flawed, yet we repeatedly get told just how simple it all is. Just $66 per year per average ratepayer, “yeah right”.

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### ODT Online Sat, 20/06/2009 – 1:19pm.
Comment by Calvin Oaten on Dunedin City Council borrowing

“The Dunedin City Council has begun borrowing $109m to fund the Forsyth Barr Stadium, with $90m of that figure locked in at an interest rate of 6.4%.” This has already been done by DCHL before 31.12.08 as shown in their six monthly progress report.
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Question: Which set of figures is closer to the true cost of the stadium project… Are the city council figures easy to understand???

### ODT Online Sat, 20/06/2009 – 4:29pm.
Comment by farsighted on Add another $128 million

We’re now at $342 million all up. Land purchases “Guaranteed Maximum Price”. Purchase of Carisbrook. Interest on DCC debt More to come – demolition costs of Carisbrook, interest on the ORC debt, SH realignment. That $400 million projection is now well within reach.
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Filed under Economics, Hot air, Media, Politics, Project management, Stadiums

Rodney Hide: "Never too late" for a referendum

Butler: Stadium issues caused Mr Hide to “raise his eyebrows a few times”…

### ODT Online Thu, 18 Jun 2009
No Hide inquiry into stadium
By Elspeth McLean

Local Government minister Rodney Hide says he will be “keeping an eye” on issues around Forsyth Barr Stadium, but he will not be calling for a government inquiry.
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Filed under Economics, Hot air, Media, Politics, Stadiums, STS

What's next?

UPDATED

On the stadium, tomorrow’s ODT features a Columba College students’ sock initiative: “Get over it”.
Original ideas are hard to come by, at least the socks aren’t red…

The High Court decision – Basil Walker v Otago Regional Council – is due for release this week.

DCC/STS build up for Rodney Hide’s visit to Dunedin on June 17 – will he survive.

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Sucking up: students will donate 50c from the sale of each pair of socks to the Carisbrook Stadium Trust…

### ODT Online Wed, 10 Jun 2009
Stadium cold feet? If the sock fits ‘get over it’
By Ellie Constantine

An enterprising group of Columba College pupils has decided to help Dunedin “get over” Forsyth Barr Stadium by providing warm socks for any cold feet.
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Filed under CST, Economics, Geography, Hot air, Inspiration, Media, Politics, Stadiums, STS

Stadium lotto: get unlucky

Comments on Stadium Semantics by Calvin Oaten at ODT Online (Sun, 7 Jun 2009). Mr Oaten posted this item at What if? the same day.

### ODT Online Mon, 08/06/2009 – 3:55pm.
Comment by PaulontheBay on Stadium Semantics

But of course the nay-sayers have forgotten the biggest “What If”:
What if it is an outrageous success. Wouldn’t that be a shame.

### ODT Online Mon, 08/06/2009 – 4:48pm.
Comment by gplusa on What if

So one author would use his last 5 dollars to buy a Lotto ticket. Because, “what if” it wins? Sure, it’s great if that gamble is a howling success. But if it’s not, then you’ve lost everything. It’s about using limited resources in the best way possible with the least amount of risk possible. This is a high risk gamble with no safety net if it doesn’t succeed. Sure, a few millionaires have been made with such gambles, but many more have had their dreams destroyed instead. Few sensible people are going to play that game on a “what if”.

### ODT Online Mon, 08/06/2009 – 7:47pm.
Comment by photonz on Stadium – success or failure?

For the Stadium to be an outrageous success, or even a mild success, first it would need to cover its costs. Costs are at least $13m per year just for DCC loan repayments and depreciation, but forecast profit is just $0.28m.
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Filed under Architecture, Economics, Geography, Hot air, Politics, Stadiums

DCC's funding line continues…

### ODT Online Thu, 14 May 2009
Council will carry on with stadium
By David Loughrey

The Dunedin City Council plans to carry on with its funding of the stadium, despite the two court cases being taken against the project.
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Stop the Stadium’s notice of appeal has been received by the Court of Appeal in Wellington. The case has a six-month time-frame in which to be heard.

Basil Walker’s High Court challenge against the Otago Regional Council’s funding of the project, has a hearing set down for June 4.

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Filed under Economics, Geography, Hot air, Media, Politics, Stadiums, STS