On Thursday Auckland Council will consider providing a further $14.5 million to complete the infrastructure needed for the holding of the America’s Cup defence in 2021, says Auckland Mayor Phil Goff.
Mr Goff said the Government has today approved its share of the extra funding required. The additional investment required comes as a result of more accurate and detailed construction costs following final design work and the granting of resource consents.
He said the final costing includes a contingency of nearly $10 million against the risk of any unanticipated costs.
“Economic Development Minister David Parker and I are satisfied that costs have been pared back as much as possible while still ensuring the successful hosting of the America’s Cup,” Phil Goff said.
“The eight new notices of challenges on top of the three confirmed original challenges points to a likely full occupation of the team bases. Any competitors beyond the first six challenges accepted, as signalled from the start, will have to make their own base arrangements,” the Mayor said.
“Construction is underway on Wynyard Point and Emirates Team New Zealand is now in its base at the Events Centre. The Wynyard Edge Alliance responsible for building the village is satisfied with progress being made with a very tight timeframe to complete the work.
“With the Village based in the heart of the city and much of the racing being able to be viewed from vantage points on the shoreline, this America’s Cup is shaping up to be the best ever.
“While requiring a significant investment by central and local government, the Cup will enable Auckland and New Zealand to showcase our environment, sporting skills and cutting-edge technology to the world,” the Mayor said.
“The America’s Cup will create an estimated 4,700 – 8,300 jobs over four years, most of which are in Auckland, and also return significant tax income to Government. Estimates from MBIE suggest hosting the Cup is worth $600 million to $1 billion to the country’s economy.
“On top of that is the boost the event gives yachting in the City of Sails and the enjoyment by the tens of thousands who turn out for the event and celebrations.
“For Auckland there will also be the legacy of the Hobson Wharf extension and possible uses for that include housing the Maritime Museum. The upgrades to the Wynyard Basin and Point will make the location a great venue for a range of marine sports as well as bringing forward regeneration of the area,” Phil Goff said.