The Invercargill City Council has unanimously voted to invest up to $30 million in the City Block Development.
Councillors considered all the material, including hundreds of submissions, due diligence reports, and financial information during a meeting held on Monday 12 and Tuesday 13 August.
The decision means Invercargill City Council will invest $25 million in a new entity, Invercargill Central Limited, which will be tasked with developing the block. A further $5 million has been set aside for any design changes Council may request be included in the development.
Council Chief Executive Clare Hadley said the decision was a momentous one.
“This is only the beginning of the process, with a lot of work for Council still to come,” she said.
“Council wears many different hats in relation to this development. Not only is it an investor now, but it is also the regulator, and also responsible for infrastructure.”
Council was committed to recognising and respecting its community while working as one organisation to get the City Block up and running, Mrs Hadley said.