SkyCity folds

Economic Development Minister Steven Joyce today announced that the Government and SkyCity have reached agreement on the next stages of the International Convention Centre (NZICC) project.

SkyCity has agreed not to pursue a financial contribution from the Government and instead will amend its design to ensure the facility can be completed without financial input from the Crown.

?I welcome SkyCity?s agreement with the Government?s approach,? Mr Joyce says. ?This clears the path for the project to continue.

?I have repeatedly stated since December that our least preferred option is for the Government to contribute funding for the project. I am pleased to confirm that will be the case.?

SkyCity submitted a Preliminary Design for the NZICC in October 2014 for approval by the Crown.? However the total construction cost exceeded those costs as set out in the NZICC Agreement.

?The Crown has also indicated today that it may be prepared to accept a slightly smaller NZICC, if that is required to meet the agreed total construction cost,? Mr Joyce says.

?SkyCity will now work on a revised Preliminary Design in the coming weeks and will submit it on a date that will be agreed by both parties.

In spite of Steve Joyce and the Government pretending this what they wanted all along, ?it was pretty clear we all got ?tickle up to see if the public was going to wear this level of corporate welfare.

Farrar told them the damage if Key and Co were going to continue with their plan to allow SkyCity a lolly scramble, and Bill English pulled the brakes on.

If course, now the message is that the government wanted this outcome all along.

Here’s a prediction: ?SkyCity will come back for more money. ? They just need to find a way to slip it past the taxpayer that doesn’t look like opportunism, virtual blackmail and corporate greed.