About Infrastructure Funding and Financing Bill
- The Infrastructure Funding and Financing Bill aims to enable a funding and financing model to support the provision of infrastructure for housing and urban development and reduce the impact of local authority funding and financing constraints.
- Property Council is generally supportive of the Bill as it will enable timelier provision of local infrastructure underpinning housing and urban development.
- However, there are certain aspects of the new legislation that require further consideration and amendments to ensure it is fit for purpose.
Property Council New Zealand recommends the following:
- Extend clause 3(d) of the Bill to incorporate the ‘beneficiary pays’ principle.
- Delete the amendments to sections 106(7), 197AB, 201A(1)(e) of the Local Government Act to ensure there is no double dipping and the Bill delivers on the objectives set by the Government.
- More detailed guidance for beneficiary identification, the process for quantifying expected benefits, and cost allocation to make the whole process more transparent.
- Better alignment between the Urban Development Bill and the Infrastructure Funding and Financing Bill to achieve better outcomes.
- Inclusion of the private sector in the governance of the new infrastructure and funding model to ensure industry buy-in and input is considered, and informed decisions are made.
- Clearer guidance on how the operational and maintenance costs of the future infrastructure are recovered to ensure the planned development goes ahead and infrastructure projects are successfully delivered.