Ratepayers to underwrite $40m park shortfall

Published: 8:06AM Tuesday February 09, 2010 Source: ONE News

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There has been a breakthrough over who will pay the shortfall in funding for the Eden Park re-vamp.

Auckland's mayor's look set to underwrite $40 million to complete the job in time for next year's Rugby World Cup.

Construction's full steam ahead at Eden Park despite signs money to pay for it could soon be in short supply.

"We know we've got issues to work through, we're happy to front up to those and deal to those," says John Waller from the Eden Park Redevelopment Board.

So on Tuesday, the park's board sought help from Auckland's Mayor's.

"I'm trying to find solutions here to ensure that we have an outstanding venue for the Rugby World Cup," Waller says.

The government's pressuring the mayors to underwrite a loan of $40 million so the stadium can be completed without cost cutting.

The loan would also give the board time to find sponsorship, something that has proven difficult given the economic climate.

The government has so far committed $190 million to the project and is not prepared to give any more.

"I think the region accepts that it's got an obligation to put it's hand up here," says Rugby World Cup Minister Murray McCully.

Auckland Mayor John Banks does not want to commit ratepayers money for the stadium itself but has agreed to discuss underwriting the loan.

"The regional leaders need to look at this regional asset and address the question of how do we best find a solution?" he says.

Aucklanders ONE News spoke to say the answer is simple.

"It's like the Americas Cup, they need to spend the money and make it work," says one woman

"Why not, let's get it sorted," one man says.

While a marketing expert says the Mayor's have no choice but to offer support .

"In my view I don't think in this market you've got a hope in hell of raising $40 million in sponsorship for one stadium," says Branding Expert David Walden.

But with four of the six Auckland mayors already expressing support in principle, rugby fans can rest assured the on time completion of Eden Park is now almost assured.

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