The deed committing the Waikato Regional Council to contributing $6 million for the region's $28.5 million indoor velodrome and cycling centre has been signed - but the money is at least six months away from being sealed and delivered.
The council voted 6-4 yesterday to sign the deed to meet lead funder Sport and Recreation New Zealand's (Sparc) requirements, several of which have already been included in a business plan. The velodrome is to be completed by June 2013.
The signing cements the council's controversial decision in September to support the project, prompting Sparc to announce the Waikato/Bay of Plenty as the successful bidder for the National Cycling Centre, which will be built at St Peter's School near Cambridge.
The latest update received by the council showed that the Home of Cycling Trust was struggling to raise the $7.2 million required and applications totalling $500,000 to four gaming trusts had been knocked back, as had a bid to obtain a $1.5 million grant from the Lottery Grants Board.
The trust is now approaching three banks about naming rights sponsorship.