NZ government fails to fund NZICC

NZ's Economic Development Minister Steven Joyce has announced that the Crown will not assist with funding SkyCity's NZICC.

NZICC

New Zealand’s Economic Development Minister Steven Joyce has announced that the Crown will not assist with funding the construction of SkyCity’s planned New Zealand International Convention Centre (NZICC).

Joyce said, “I have repeatedly stated since December that our least preferred option is for the Government to contribute funding for the project. I am pleased to confirm that will be the case.”

SkyCity submitted a Preliminary Design for the NZICC in October 2014 for approval by the Crown. However the total construction cost exceeded those costs as set out in the NZICC Agreement.

“SkyCity will now work on a revised Preliminary Design in the coming weeks and will submit it on a date that will be agreed by both parties.

“The Government is pleased to be moving forward with this project which will create 800 permanent new jobs, an increase in GDP of $49 million, and an important public facility for Auckland,”  said Joyce.

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