The Star: September 08, 2016

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Thursday September 8 2016 5
spending revealed
The cost of running the old
city bus exchange in the year
before the earthquakes was
$1.15 million, but the actual
cost to the city council was only
about $440,000 per year once
rent and other returns were
factored in.
Although the exchange was
built without the extra commercial
space, the foundations
were designed so the building
could be extended if the space
was needed in the future.
THERE IS a question mark
over the future of the central
city roading plan, which laid
out changes like the 30km/h
speed limit.
The report revealed issues
with funding may mean the
project is left incomplete.
The project, An Accessible
City, is split into five stages,
with the cost of the first phase
paid for jointly with $27 million
from the city council, $18
million from the NZTA and $31
million from the Crown.
It involved road projects like
the changes made to Hospital
Corner and Hagley Ave, as well
as installation of bus stops, cycle
lanes and pedestrian crossings
within the four avenues.
But the report said there was
a risk funding would not be
found for the future projects. It
said securing the funding was
not a Crown responsibility.
“If insufficient funding is secured
and stakeholder impetus
wains there is potential for the
programme as a whole to falter,”
it said.
The city council has set
aside $101 million for the
project in its long-term plan,
but that is not expected to be
enough.
If the project faltered that
could have flow on implications
for the success of other anchor
projects, the report said.
Many of the changes were
designed to manage changing
traffic flows as the major projects
were built.
CERA WENT ahead with
spending more than $40 million
on buying land and developing
plans for the proposed new
sports stadium, in spite of being
warned the stadium could lose
money after it was built.
The report revealed the findings
of a CERA scoping study on
the $470 million stadium project,
which was set to be built in the
central city between Tuam and
Hereford Sts.
It said even covering operating
costs, without factoring in things
like depreciation, would be a
“financial challenge”.
“Our experience with the previous
stadium in Christchurch
indicated that the stadium could
make a small operating surplus
before funding and depreciation
costs, but made a deficit after
depreciation charges (and) could
not afford to fund interest and
principal repayments on any
significant level of debt,” the
report said.
As of October last year, CERA
had spent $40.2 million on land
for the project, and more than
$130,000 in “other spending”.
The stadium was originally set
to be completed next year, but
the project was put on hold until
at least 2021.
The future of the Lancaster
Park stadium has not yet been
decided.
The city council was waiting to
make a decision until it received
its insurance payout, but the
$635 million global settlement
was paid in February.
It is now waiting for assessments
on the state of the structure
and the land it is on.
Dad’s Army
This stage show brings to life
the original characters of the
TV Series of many years ago.
Both Directors – Rebecca
Wakelin (debut) and Craig
Hutchison have ensured that
from time of auditions through
to performances, the DAD’S
ARMY many of us remember
will be relived on stage.
With a very large cast, replica
weapons, military uniforms
(mainly provided by Christ’s
College), lots of the original
music and of course heaps of
fun and laughter – DAD’S ARMY.
“YOU CAN’T BEAT
KIWI CREATIVE
TALENT.”
- Craig Hutchison,
Director and Producer
CAS’n’OVA PRODUCTIONS
on their latest production.
Opens Thursday 29 September
BOOK ONLINE NOW www.casnova.co.nz or www.takeme2.co.nz