Cost and Funding of the Stadium
The total cost of the project is now $198.3 million. The increase is primarily due to increased land costs and lack of offsets from the sale of Carisbrook.
The total project cost includes a budget of $165.4 million for construction costs. This will be achievable based on the guaranteed maximum price (GMP and contingency information received to date).
The funding for the project is confirmed as follows:
- Otago Regional Council $37.5 million
- Community Trust of Otago $7.0 million
- University of Otago $10.0 million
- Government $15.0 million
- Dunedin City Council $98.5 million
- Private Sector Funding $30.3 million
- Total $198.3 million
An additional $6.4 million from the Dunedin City Council will be set aside as a capital maintenance fund. The Council's rates and funding working party will continue to look at ways in which the ratepayer contribution can be cut by $20 million.
What will it cost ratepayers?
Due to falling interest rates the cost to ratepayers, as indicated in the 2008/09 Annual Plan, has not increased. It is at $56 a year for the median value residential property and $66 a year for the average value residential property, $662 a year for the average commercial property and $144 a year for the average value farmland.
| Value Type | Value | Annual Rating for Stadium | |
|---|---|---|---|
| Residential | Mode | 225,000 | $51 |
| Median | 250,000 | $56 | |
| Average | 291,000 | $66 | |
| Other example | 400,000 | $90 | |
| Other example | 500,000 | $113 | |
| Non-residential | Median | 325,000 | $222 |
| Average | 968,000 | $662 | |
| Farmland | Median | 470,000 | $96 |
| Average | 710,000 | $144 |
Last reviewed: 05 Oct 2009 11:59am
