Town Hall Finance Plan Approved

Press, Volume CIII, Issue 30626, 17 December 1964, Page 1

Town Hall Finance Plan Approved

Financing of the town hall on the basis of £50,000 a year being apportioned over local bodies in the Metropolitan area, commencing from April 1, next year, was approved by the City Council last evening.

The scheme, one of two put forward by the Paparua County Council, will be recommended to the Riccarton and Lyttelton Borough Councils and the Waimairi County Council, all of which have signified willingness to contribute to the project.

The town hall committee sail the Paparua council had been thanked for suggesting a practical method of financing the project and had been asked to consider the reappointment of a representative on the committee.

Providing funding at the rate of £50,000 a year was begun in April and the fund invested at 5 per cent, £340,096 would be accumulated by April, 1970, the committee said.

The balance required for the first stage of the project —£7so.ooo—could be provided by a 35-year loan with annual charges of £49,800. “The committee expects that the first building costs after commencement of construction of the town hall would be financed from Town Hall Promotion funds at present approximately £125,000 —and from the funding that has taken place previously,” the report said.