Tag Archives: OCT

“High Performance Sport New Zealand Dunedin Centre of Excellence” – another gift to RUGBY GOBs

Where was this project proposed and tabled in the DCC Annual Plans for public submissions ? Is there a clear track on this… It’s not enough that the Mayor of Dunedin supports the facility’s emergence, or backs the ‘rugby’ thinking of his spendthrift councillors.

HPSNZ was created in August from a merger of Sparc and the New Zealand Academy of Sport, after the Government announced a review of New Zealand’s high-performance sport structure.

### ODT Online Tue, 20 Dec 2011
New centre to churn out champions
By Nigel Benson
A multimillion-dollar Dunedin sports excellence academy could be a factory for future world champions. The High Performance Sport New Zealand Dunedin Centre of Excellence was officially opened at Forsyth Barr Stadium yesterday. The $4.8 million building will be a hub for Otago athletes and house HPSNZ and its tenants – the Highlanders, Sports Medicine New Zealand and New Zealand Turf – which formerly occupied the old Logan Park art gallery building.
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Posted by Elizabeth Kerr

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Otago Community Trust

### Otago Community Trust 2009 Annual Report (page 2)

OCT 20-8-09 pic crop

Forsyth Barr Stadium at the University Plaza overlooking the Otago harbour, will be New Zealand’s largest indoor arena.

The Otago Community Trust has continued its long-held tradition of underpinning major community assets in Otago, and will provide $7 million towards the cost of construction of this new Stadium over the next two years.

Work has started and is on track for an August 2011 completion, planned to be ready for the 2011 Rugby World Cup – an opportunity to showcase the region to New Zealand and worldwide.

The new Stadium will be a multipurpose facility that can be used for a wide range of cultural, learning, community, business and sporting events. It will have capacity for over 30,000 in maximum event mode under one roof, and the flexibility to cater for smaller events.

Covered by a state-of-the-art roof, the purpose-built Stadium will protect everyone inside from the elements.

The University of Otago will become New Zealand’s first and only campus stadium, with new University buildings co-locating alongside the Stadium to house teaching, research and student services.

The net economic benefit to Otago and Dunedin was assessed at $24 million a year, bringing economic benefits through new jobs, attracting more visitors and students and retaining visitor spend within the region. Around 600 new jobs will be created during construction and 1,000 people will be employed for major events.

Forsyth Barr Stadium will be the focal point for major events south of the Waitaki.

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We’re reliably informed that the University of Otago is MORE THAN a “campus stadium”. A little editing of the OCT item required…

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### ODT Online Wed, 26 Aug 2009
Trust’s annual meeting more relaxed this year

The Otago Community Trust’s annual meeting last night was a subdued affair, despite a year when its investments were hit by the global financial crisis and it awarded its biggest grant – $7 million to the Forsyth Barr Stadium at the University Plaza.
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CST press release

Government Support For Forsyth Barr Stadium A Major Milestone

The [Carisbrook] Stadium Trust has welcomed the Government’s letter confirming that it will underwrite development of the Forsyth Barr Stadium at University Plaza as a major milestone. Stadium Trust Chairman Malcolm Farry says: “We are extremely grateful to the Government for its support and its recognition of the stadium’s important role in regional economic development.

“We acknowledge the competing demands on Government funding and appreciate its decision to support the development of this iconic community infrastructure for the Otago region at this time.

“Following the Government’s decision, Otago Regional Council voted today to confirm its funding commitment of $37.5 million. We thank the Council for their continued support and the shared vision to develop community infrastructure of lasting benefit to the Otago region.

“The Government support, combined with the Dunedin City Council, Otago Regional Council, Community Trust of Otago and University of Otago support and ongoing private sector fundraising, will achieve the remaining budget for the stadium development. We now look ahead with renewed confidence to construction starting this year, and to the creation of new jobs that will bring.

“The Stadium Trust is continuing to sell memberships, hospitality products and sponsorships and will do so throughout the stadium construction period with the goal of achieving or exceeding the private sector funding target.

“Contrary to some published reports, the Trust remains on track to achieve its private sector funding target of $45.5 million,” he said.

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DCC, and the right to ask?

***Anonymous source.

Did the Guaranteed Maximum Price (GMP) come under budget?
NO. There was an agreed design in December 2008. Since then a significant amount of redesign was needed to get an acceptable GMP and then it will have increased maintenance costs and less attractive appearance. In fact the turf savings could make the use even more limited.

Did the project come in at $188 million?
NO. It is at least $198 million and potential for other costs to add substantially to that amount. Dunedin City Council has committed to at least $104.4 million, including the $3 million Otago Community Trust shortfall, but a further $15 million shortfall from private funding, maximum $14 million shortfall for SH88 and long term costs of Carisbrook all possible inflators.

Did Carisbrook Stadium Trust (CST) raise 60% of the private funding?
NO. They needed to raise $27.3 million. They have sold seats for 5 year terms and accounted for them as 10 year terms. This inflates the figures by $3.25 million at least. And then there is the unfettered ability of those that had previously purchased 10 year seats to reduce to 5 year contracts with a risk/liability of a further $1.75 million. That is a further shortfall of $5 million. They haven’t even reached 50%. Moreover that funding requirement was based on the first year payment being in 2009/10. That has now been pushed back to 2011/12 so there is more bridging finance not accounted for by the private sector.

Has the agreement with the University of Otago made a substantial reduction in the land acquisition costs?
NO.

Has Dunedin City Council found $20 million to reduce the ratepayers’ contribution/liability?
NO. It added that to other over-costs and has taken the short term opportunity of low interest rates to sell the idea that it won’t cost any more than what was calculated last year.

Did Otago Community Trust give $10 million?
NO. They have a shortfall of $3 million or 30% funding.

Has the Dunedin City Council been honest and open with you?
NO.

Posted by Elizabeth Kerr

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