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The budget increase will be funded by an internal loan and will not affect rates in a major way, as debt servicing is incorporated into annual rates as a matter of course. The loan and interest payments in this instance are expected to total $87,670 per annum, which equates to 0.2 percent of rates, less than $2 per average residential ratepayer.
A review of the project found estimated costs had risen since the last estimates were done in 2013, particularly in construction. The review resulted in some alterations being made to the overall design, but also warned against any further cost cutting as it would decrease the size and scope of what was originally proposed and set out in the Long Term Plan Amendment 2012.
View Marine Parade Big Picture project page
Residents and ratepayers will be able to give feedback on the changes to the project via Talk to Us from today until 1st April.
The feedback will be analysed and reported on at the 6 April full Council meeting.
The next stage of Marine Parade’s redevelopment includes a world-class skating facility and multi-purpose area incorporating the former Marineland grandstand, which will include public toilets. It will also include sculptures, an interactive water park, furniture and landscaped areas, inspired by Maori mythology and the local environment.
Tenders will be called shortly for the next stage.