New projects will boost Tauranga’s desirability

Media Release

5 October 2015 New projects will boost Tauranga’s desirability

Property Council supports new and ambitious projects that will revive Tauranga’s CBD without burdening ratepayers.

The Civic Amenities Group has revealed plans for a new civic centre, a museum and more green public spaces funded by a $35 million community bond.

The new civic centre would replace the existing civic administration building which remains largely unoccupied while it is being assessed for potentially expensive repairs.

Bay of Plenty Branch president Andrew Collins says it’s pleasing to see such ambitious plans conceived for Tauranga.

“We have often stressed that Tauranga’s city centre must become a vibrant hub of economic activity to increase productivity, employment and investment opportunities for the region.

“The Civic Amenities Group, chaired by Paul Adams, has shown both great vision and a prudent approach to funding the realisation of that vision. It is encouraging to hear that the Council is considering this proposal and, in doing so, is embracing a collaborative approach to planning for the Tauranga CBD, alongside the private sector and wider community.”

According to the plan, Tauranga City Council would lease back the new building at about $3 million per year, which is similar to the cost of borrowing the funds to remediate, maintain and operate the existing building.

“This a great opportunity for Tauranga City Council to work with its private sector partners in seeing CAG’s plans brought to fruition for the greater benefit of the whole city. It means it doesn’t have to increase ratepayer funded debt by allowing interested parties to hold a tradeable bond with returns.

“We’re an important New Zealand city and a strategic main centre. We will continue to grow strongly in the future and so it makes perfect sense to us that a fit-for-purpose civic centre is built. We are pleased to acknowledge the Council’s appetite for CAG’s project proposal and hope to see further collaboration on this matter.”

Property Council also supports Council’s $8 million investment for the CBD waterfront and amenities over the next 10 years, as allocated in its Long Term Plan. This will serve as a catalyst for encouraging more capital investment and business ventures into the city centre.

END.

About Property Council New Zealand

Property Council is a member-led, not-for-profit organisation offering a collective voice for the commercial property industry. Our members include owners, investors, managers, and developers of office, retail, industrial and residential properties, central and local government agencies and other property professionals. Our branches throughout the country represent some of the largest commercial property portfolios in Auckland, Waikato, Bay of Plenty, Wellington, Hawkes Bay and the South Island and Otago region, the value of which exceeds billions. We have an interest in all aspects of the built environment, and promote sound policies and requirements that benefit New Zealand as a whole.

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