Govt to fund two-thirds of key Christchurch rebuild projects
Total cost $4.8 billion | Crown will pay $2.9b and city council $1.9b | Includes key public buildings, precincts and damaged infrastructure
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The government has agreed to fund two-thirds of the cost to rebuild Christchurch key public buildings, precincts and essential infrastructure damaged by the 2010-11 earthquakes, with the city council funding the rest.
The government will contribute $2.9 billion for so-called anchor projects in the Christchurch Central Recovery Plan and the repair and replacement of essential horizontal infrastructure, while the council will contribute $1.9 billion, Canterbury Earthquake Recovery Minister Gerry Brownlee says in a statement.
The agreement "gives both the Crown and the council the ability to plan both the management and development of anchor projects with more certainty", he says.
"New timelines and designs for projects will be announced progressively over the coming months."
Essential infrastructure includes items such as water pipes and roads.
The Reserve Bank expects the $40 billion rebuilding of earthquake-damaged Christchurch will contribute to annual economic growth of 2.8 percent next year.
The economy expanded at a 2.5 percent annual pace in the first quarter as construction activity grew for a fourth consecutive quarter to its highest level since March 2008.
(BusinessDesk)
Tina Morrison
Thu, 27 Jun 2013
Thu, 27 Jun 2013
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Govt to fund two-thirds of key Christchurch rebuild projects
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