KEY POINTS:
A grant from the ASB Community Trust has narrowed the gap for the redevelopment of Eden Park to $12 million of the $240.5 million required.
The trust announced the $6.5 million grant yesterday, saying it recognised the significance of the Rugby World Cup 2011 but it also had an eye to use of the park as an important multi-code sports facility.
Eden Park Redevelopment Board chairman John Waller said the grant capped a good week for the project; it also received resource consent for a new south stand.
"The project is on track in terms of funding, budget and construction timeline,"said Mr Waller.
"We are now 95 per cent funded with more than 2 1/2 years still to run."
Mr Waller said the application for the grant was made on the basis that redevelopment would bring considerable economic benefit to the region, and that the way the park was operated would be changed so that it operated for the benefit of the community as a whole.
A new governance structure and objectives will enable the park to host additional sporting, recreational and cultural events.
"We are confident that both the design of the park and the governance changes accompanying the project will leave Auckland with a valuable post-Rugby World Cup legacy," Mr Waller said.
For the remaining $12 million, the board was in discussion with Auckland City Council and was holding preliminary talks with commercial parties about sponsorships and naming rights opportunities.
ASB Community Trust chief executive Jennifer Gill said the trust had given more than $30 million to large regional facilities.
CLOSING THE GAP
Who pays for Eden Park's $240.5 million redevelopment?
Crown (underwriting) - $190m
NZ Rugby Union - $10m
Eden Park Trust Board - $12m
ASB Community Trust - $6.5m
ARC - $10m*
Auckland City - $12m*
* Proposed, not yet approved
