More loan cash sought
More Housing Corporation loan money — about $156,000 — will be needed to complete the big Brougham Village urban renewal housing project in Sydenham. The Christchurch City Council last evening asked for a “foolproof system” to avoid underestimating on future projects. The total cost of the project is now estimated at almost S2M, and only $1,822,845 ip loans has been authorised. This will be the third trip
to the Housing Corporatio for loan action. Last August, further loan finance of $370,500 was sought and approved - after the original $1,452,3*5. The first amount was only for buildings; another $300,000 was obtained in loan finance to buy the land near thei corner of Waltham Road and the .Brougham Street expressway. When new estimates were done last July, some omissions occurred. Also, net enough money was allowed : for contract variations or increased costs.
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Press, 16 May 1978, Page 6
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142More loan cash sought Press, 16 May 1978, Page 6
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