Respondents were asked "What impact has the cycleway had on your business?", with interviewers asking follow-up questions to clarify what those impacts were.
In its report the group claimed when the costs of artworks were included, the actual total price [for the Green Corridor] could rise to about $529,000. The report stated 64 of the 67 respondents (95.5 per cent) believed the cycleway had "made no improvement to, or had a negative impact on, their business in the first two months of its operation".
Of the 67 businesses that responded, 28 said reduced parking was an issue, 27 said the Green Corridor was "not fit for purpose" and 17 said it created additional hazards. Only seven of the 64 surveyed said it was wasteful expenditure and three were positive, with two saying it was too early to judge its effects.
"The general and provisional conclusion is that the Inner City Revitalisation portfolio and council were seriously mistaken in their view that the cycleway would have a positive impact on businesses in the CBD and now have the information they need to correct their mistake," the group's report stated.
But council's inner city portfolio leader and councillor Karen Hunt said she did not accept the report's findings because "any survey done by a group with a particular focus on the outcome will show a bias, unintended or otherwise".
She said the cost of artwork was covered by a decision made a few years ago to commit 1 per cent of total capital expenditure for artworks and city beautification projects.
"The inner city is the number one area the community asked us to work on and overall the feedback has been extremely positive and has lifted civic pride."
Ms Hunt said it was far too early to make judgments on the corridor.
"The advertising, promotion and marketing of the corridor will come now we have started the first part of the inner city refresh with the changing of the City Focus.
"We must not lose focus on the big picture. A lot of the fears are actually perceived fears, they are not actually happening. The issues people keep bringing up very rarely occur," she said.
"I absolutely am sure that there will be increased use. The expectation that, within two months, things would change is unrealistic."