Government takes controlling stake in key Auckland redevelopment

Tue, 24 Jul 2012

By Pattrick Smellie July 24 (BusinessDesk) - The government and Auckland City are jointly investing $8.5 million in a new commercial entity to guide the plans to transform the lower socio-economic suburbs of Glen Innes and Panmure over the next 20 years. Housing Minister Phil Heatley and Auckland mayor Len Brown have signed a heads of agreement to create the Tamaki Redevelopment Company, a facilitating entity in which the government will take a 59 percent share and Auckland City a 41 percent share, contributing $5 million and $3.5 million of...

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