Tag Archives: Shortfall

Govt funding secured

Just heard on Radio Sport news that the $15m funding shortfall sought from the government has been approved. Yet another hurdle crossed.

For the life of me why central govt isn’t investing much more substantial figures than this is beyond me, although something called ideology will have a big part to play in that.

More soon when back at computer and not on the road.

“The Government will underwrite the $15 million Otago Stadium funding shortfall – securing the financial support of the Otago Regional Council.

Regional councillors voted 6-4 to commit funding to the project after being told of the development in a closed session at a meeting this morning.

Chairman Stephen Cairns told the meeting “the Crown was willing to underwrite the construction of the Awatea St stadium up to a maximum of $15 million”.

The council’s key $37.5 million contribution to the controversial $198m project hinged on a further $15 million being found from the Government or other sources to cover a shortfall in private sector funding.

Earlier story – Cairns gets crucial call
The deadline was yesterday, in time for a council meeting today.

Carisbrook Stadium Trust chairman Malcolm Farry said from Wellington late yesterday afternoon the trust was “working around the clock” and was confident it would have “something for the regional council to consider”.

Link ODT

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