The Invercargill City Council has reaffirmed its commitment to the City Block Development, following the withdrawal of one of the project’s investors.
On Tuesday afternoon, Council received confirmation that Geoff Thomson had withdrawn from the development, and will make no further investment.
However, Mr Thomson has offered to leave his previous investments in HWCP for the good of the city and the City Block Development.
At a meeting on Wednesday, Councillors thanked Mr Thomson for his willingness to leave his funding contribution made to date with the project, being a significant portion of the $25 million which has previously been reported.
Chief Executive Clare Hadley said Council will work with its partners in the development to seek out further opportunities for contributors to the project.
“Council’s motivation in investing in the block was to help create a vibrant city centre, and focus on community wellbeing. This has not changed,” Mrs Hadley said.
“The project remains a key part of an inner-city revitalisation which the community desires and Council is committed to.”
Mrs Hadley said the decisions made at Wednesday’s meeting included a resolution that Council would work with the remaining investors to ensure there would be sufficient funding to move the project forward.
“Councillors have also acknowledged that we will need to consult with our community should any further investment by Council be proposed.
“That is a commitment Council will not fail to realise, and we will keep all stakeholders and the wider community up-to-date as we work to achieve the city’s strategic outcomes.”