NZ Urban Development news from the media | 6 December 2022 | Infrastructure Funding and Financing Act used for the first time

Infrastructure Funding and Financing Act used for the first time

Tauranga is to be the first region to use a new levy applied under the innovative Infrastructure Funding and Financing (IFF) Act.  

The levy will enable a Special Purpose Vehicle (SPV) to raise approximately $175 million to reimburse Tauranga City Council’s construction costs for up to thirteen selected transport projects across the region. 

The SPV will be used to raise finance from CIP, Westpac New Zealand Limited, and Bank of New Zealand, .The levy will apply to all properties within TCC’s rating area, excluding any protected Māori land (as defined by section 11 of the IFF Act). Properties subject to TCC’s rates remission policy will also not be charged the levy. 

The finance raised by the SPV will sit outside of Tauranga City Council’s balance sheet constraints and will be repaid over time by the annual levy which commences in July 2024.  

The TSP levy will partially replace a targeted rate TCC is charging to fund its transport activity, and will create capacity for additional infrastructure investments that will benefit Tauranga residents. 

https://www.hud.govt.nz/news/infrastructure-funding-and-financing-act-used-for-the-first-time/

Northcote Development evening draws community together

Members of the Northcote community came together for an information evening to learn about progress in the Auckland suburb since the work on Northcote Development began in 2017.
The event was designed to draw the community together. Literally.

Handfuls of colouring-in pages on children’s tables instructed little artists to imagine and draw themselves in the ‘New Northcote’, while a range of community groups proudly showcased their mahi in the area.

The Connecting Northcote Information evening was a chance for Kāinga Ora to join with organisations working towards improving the town and community, by delivering new homes and amenities, upgrading green spaces, and reducing waste.

https://kaingaora.govt.nz/news/northcote-development-evening-draws-community-together/

Consent application lodged for $1 billion data centre near Invercargill

Another milestone has been reached in a company’s bid to build a $1 billion data centre near Invercargill, with a consent application lodged.

A Southland District Council spokesman said a land use resource consent application was received from Datagrid New Zealand Limited Partnership in mid-October.

The company is seeking to establish a carbon-neutral hyperscale data centre on its 43-hectare site at Makarewa, about 12 kilometres north of Invercargill.

https://www.stuff.co.nz/national/130653602/consent-application-lodged-for-1-billion-data-centre-near-invercargill