Financing the premises

Press, 19 November 1982, Page 17

Financing the premises

Because of the hard work, support and enthusiasm given to the new Rangiora Town and Country Club, its new clubrooms, which are extensively carpeted and furnished throughout, should prove to be a popular and valuable leisure facility for the Rangiora area. Inflation has, however, taken its toll on the cost of the complex, which was originally estimated at $340,000. The final cost of the building now stands at $550,000, which includes land, car parking, landscaping and fittings. To try and lessen the dependence on loan finance, money has been raised in a variety of ways. First mortgage finance of

$270,000 has . been provided by the Australia and New Zealand Bank but much, of the remainder will come from members.

A debenture issue requires all' 1200 members to subscribe a minimum of $150,000 towards the cost of the project. A sweepstake raffle and other fund-raising activities have added to this figure. These activities have netted the club about $20,000. This money .will be put towards the purchase of furniture and fittings, including tables and chairs, carpets, bar system plus tanks, joinery and restaurant and kitchen fittings. Another successful fundraising event was a casino

evening held at the Chervier Centre earlier in the year. The evening substantially boosted the club’s funds and was well supported through sponsorship from local businesses.

About one third of members took part in the sweepstake raffle, which was run throughout the year. Following the opening of the club, raffles will continue to be run at the premises. Such enthusiasm shown by club members has meant the club will be fully fitted, when it opens its doors tomorrow. The stone fireplace, which was in doubt earlier in the year, now stands prominently at one end of the dance area as a testament to the hard-working efforts of all concerned in the project.