BIG LOAN FOR PARK
Help By N.Z.R.U. 6V.Z. Press Association) ROTORUA, July 18. An international Rugby ground capable of seating 50,000 spectators will be established in Rotorua, near Smallbone Park. The Rotorua City Council decided at a special meeting last week to accept the offer of a New Zealand Rugby Union loan of £50,000, together with a grant of £lO,OOO from the Bay of Plenty Union, for the development of the ground. A main field and four other fields will be developed by the city council, at a total cost of at least £lOO,OOO. The main ground, described as a natural amphitheatre, is scheduled to be in use by 1968, the year of the next French Rugby tour of New Zealand. The N.Z.R.U. loan is the largest made outside of the metropolitan centres and the term of repayment, 35 years, is the longest granted by the union. The interest rate will be 2j per cent. With the £lO,OOO gift from the Bay of Plenty union and the difference between the N.Z.R.U.’s low rate of interest and normal local body loan interests, there will be a saving to the city council of £48,000.
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Bibliographic details
Press, Volume CVI, Issue 31115, 19 July 1966, Page 22
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192BIG LOAN FOR PARK Press, Volume CVI, Issue 31115, 19 July 1966, Page 22
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