Auckland Council is yet to loan $15 million for the upgrade of the city's historic St James Theatre and no public money is at stake in the troubled project. Noel Reardon, council heritage manager, said no money had yet been loaned and nor would it be until certain conditions were met. "Broadly speaking, the conditions include security for the council's loan, the loan being drawn down on agreed milestones, transparency around matching funding, and terms around when the loan becomes a grant. "The council is hopeful that the apartment building goes ahead and that the restoration of this historic building will proceed. Relianz, the developer, had significant issues obtaining and implementing satisfactory finance to allow the St James Suites project to go ahead, Bielby said.

Source: New Zealand Herald November 17, 2016 17:15 UTC