By MONIQUE DEVEREUX
HAMILTON - Hamilton's proposed $30 million dual sports ground development hinges on final approval from two big funders.
Hamilton City Council and WEL Energy Trust have yet to meet to discuss the Waikato Stadium Trust's most recent proposal, including its draft business plan, which they received on Tuesday.
Their decision, and the final confirmation of their combined $15 million, will not be known for at least a week.
If they approve the plan, the third major funder, Trust Waikato, will also give the development the official nod - in the form of a $6 million cheque.
Trust Waikato has already put $300,000 towards developing plans for the dual stadium project and chief executive Ken Gordon says that, providing the other two major funders support the plans, the stadium trust will get the remaining $5.7 million.
The stadium trust yesterday revealed its latest plans for the upgrade of the city's rugby and cricket parks. It says the twin development, which a referendum found Hamilton people preferred, will be debt-free.
The trust is confident all of the $30 million needed will be raised.
While most of the money will come from the city council, WEL Energy Trust and Trust Waikato, the Waikato District Council has pledged $400,000 and the Foundation Trust $425,000, while the Lotteries Commission is expected to give $1 million.
Tainui, originally tagged to give $7 million for naming rights to the Rugby Park development, has withdrawn its pledge.
At yesterday's presentation, trust chairman David Braithwaite outlined plans for construction, which is scheduled to begin in October and finish next July.
Work will start at Rugby Park first, and includes a new stadium that will have 3400 covered seats and 5500 uncovered. The complex will cater for 27,500 people.
The turf will be lowered and the grounds will boast a large screen and new scoreboard.
The new and improved Rugby Park does not have a new name, although the trust says naming rights are being negotiated with a minimum price of $1.5 million.
The stadium will also be equipped to host big concerts and arts and cultural events, as well as sports other than rugby.
Under the latest proposal, the Hamilton City Council will own the land and buildings, but the facility will be operated by a board appointed by all the main funders.
WestpacTrust Park's $2.5 million upgrade will be done in stages. The embankment will be built first and the new stadium in two years.
Its capacity will be 16,700.
$30m sports venture waits on funders
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