On October 03, Property Council provided a letter submission to Tauranga City Council (“TCC”) regarding the Civic Precinct IFF levy consultation. TCC is proposing to use the Infrastructure Funding and Financing (IFF) Act to fund the community-funded portion of the Civic Precinct, instead of the use of community rates-funded debt.
Why this matters to our members
Property Council advocates for the creation and retention of a well-designed, functional and sustainable built environment. The Civic Precinct project is an important investment in the revitalisation of Tauranga’s CBD. As such, the proposed funding mechanism for the Civic Precinct is of importance to the property sector.
Our view
Our letter submission expressed our support for both the Civic Precinct project and the use of IFF act as a funding tool. As such, we endorsed the proposed approach taken by TCC.