Our role in housing and development
Our key role in housing is that of an enabler.
The Unitary Plan, which was adopted in 2016, sets out where development can occur. We also have a role in enabling development by providing infrastructure in a timely way.
How we will finance housing and development
Much of this expenditure is eventually recovered from developers through developer contributions. However, it does require upfront financing, and the council's ability to borrow sustainably is now limited.
How we will address this
To address this we have a number of actions underway:
- The regional fuel tax enables $300 million over 10 years as "seed funding" for transport projects in new development areas.
- We are working with Crown Infrastructure Partners to find ways of funding some of the major infrastructure investments required to support growth.
- Investigation of targeted rates, for specific developments, to fund the infrastructure for that development.
Other programmes for housing and development
We also have a programme, operated through Panuku Development Auckland (a CCO), to "transform" or "unlock" a number of centres around Auckland.
Working with the private sector in these locations will enable new housing and business opportunities. This work will be funded through the development and sale of property within each development area.
The city centre will have its development programme accelerated to create a more family, pedestrian and environmentally friendly location, with timing focused on the America's Cup and APEC, due to be held in 2021.
The Downtown programme delivers a connected and accessible waterfront, prepares for growth of cruise and ferry services, and will bring life to Queens Wharf. The total forecast cost of this programme is $430 million.
Our contribution to the America's Cup
Our contribution to the America's Cup is also included in the 10-year budget.
This is $57 million of capital expenditure and $41 million of operating expenditure (excluding government contributions).