Invercargill City Council ratepayers will end up having to pay up to $50m if the council commits to investing up to $30m in the CBD block development. Hadley said the additional $20m was not to supply services to the city block. "It is to ensure that the [new CBD development] is integrated into the rest of the CBD in exactly the same way as we do with other commercial properties right now." The consultation document says the CBD development is unlikely to proceed if the council does not invest, as the returns are too low to attract enough private investment. The council would still be a shareholder in HWCP, which has applied for resource consent to do the CBD development, and would own a lot of property in the CBD, she said.

Source: Stuff May 20, 2019 01:41 UTC