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Extract from Cabinet Minute DEV-18-MIN-0285: Global Settlement With Christchurch City Council: Negotiating Parameters
On 5 December 2018, the Cabinet Economic Development Committee (DEV):
1noted that, to unlock the potential of Christchurch city, a demonstrable transition is needed from the current extraordinary role played by central government towards a locally-led and sustainable regeneration;
2noted that the future ownership of a significant portfolio of Crown assets in Christchurch is uncertain, and that negotiating a global settlement with Christchurch City Council (the Council) is an urgent priority and a significant opportunity for the Crown;
3noted that there is a narrow window for the conclusion of negotiations by May 2019, when the Council’s focus will turn to upcoming local body elections;
Global settlement will finalise funding support for recovery and regeneration
5noted that the global settlement is intended to resolve outstanding matters relating to specific Crown and Council roles in earthquake recovery and regeneration to date;
6noted that the Council is in a relatively advantageous financial position, in comparison with other councils in New Zealand;
7.1 as part of Budget 2018, the government announced a $300 million Christchurch Regeneration Acceleration Facility [CAB-18-MIN-0158.11];
7.2 the Minister of Finance and the Minister for Greater Christchurch Regeneration (joint Ministers) have approved the Council’s initial proposals to earmark funding from the Acceleration Facility for $40 million towards future projects in the residential red zone (RRZ), and $220 million towards development of the Canterbury Multi-Use Arena;
7.3 the remaining $40 million in the Acceleration Facility has not yet been earmarked;
Committee Secretary of the Cabinet