'Company’s $3m reserves offer

Press, 3 August 1976, Page 6

'Company’s $3m reserves offer

r Christchurch Develop-, ments. Ltd, which plans to develop 2000 residential sec- , tions over the next 10 years • on land it holds near Queen ' Elizabeth II Park. ha s offered J the Waimairi County Council ( 91 acres and $500,000 in cash as reserve fund contributions. » About 1100 to 1200 of the i sections will be provided in . the development known as t Sandringham, for which the , company has made a conditional use application to the . council. ; If the average value of 1 the sections was accepted to s be about $12,000. the cash r reserve fund contribution would be about $l5OO a sec- ? tion or a total of S3M. says - the company. In its proposal for an overall settlement the companv has offered the council a 50t acre lake at Sandringham. r 20 acres of additional land. , 20 acres of land elsewhere , to be agreed on and, one acre . of land for pensioner hous- > ing in Sandringham. i The company would accept responsibility for the forma1 tion of the reserves, clearing 1 and levelling them, and sowing grass and planting suit- > able trees. t The $500,000 cash payment t! would be paid by annual in-1

'Stalments, beginning with , 'sloo,ooo this year. The companv savs the offer was not final. The difference between land and cash was negotiable, it said. Because the company’s application will shortly be heard by the council’s town planning committee, the, council's works and reserves ■ committee, was last night unable to consider the reserve fund contributions. An application bv Ballins Industries. Ltd, to establish a bottle receiving and glass- : recycling depot at the cor-! ner of Broughs and Sawyers Arms Roads was received by the works committee of the council last night. Initially the companv intends setting up the depot, for a trial period of six months and provision will be made for motor vehicles to i drive in and deposit empties and receive a cash payment. In its letter to the council. 1 Ballins said that Canterbury Forest Industries, Ltd. had agreed to rent or lease about 30 perches of land for use as a depot subject to Ballins re- j ceiving council approval. The company’s request has been referred to the council’s financial committee for consideration of the financial;