The Provincial Growth Fund (PGF) will support local plans to revitalise and stimulate economic development opportunities in Otago, Regional Economic Development Minister Shane Jones has announced.
The four Regional Economic Development Ministers have approved an in-principle investment of $19.9 million towards the region’s ambitious waterfront redevelopment project.
The funding will help with the first stage of the project, which involves constructing the wharf infrastructure and public space and will complement the Dunedin City Council’s plans to develop a pedestrian and cycling bridge connecting the waterfront to the city.
“It is an ambitious project which will start the transformation of Dunedin’s waterfront into an accessible destination for locals and visitors. This will bring people into the area which will encourage economic growth and job creation,” Shane Jones said.
“The waterfront transformation is part of wider local initiatives underway to stimulate economic growth and employment within Dunedin and the wider Otago region. The Council expects the completed project will bring new jobs in education, research, technology, innovation and tourism ventures in the region.
“This initiative and the wider investment package being announced by Ministers in Otago today will really get things moving in a region that is already humming.
“There’s already 700 construction projects planned for Otago over the next 15 years, which will help the region prosper. The funding announced today for local engineering and manufacturing firms will increase their productivity and shows the diverse range of skills and experience Otago has going for it,” Shane Jones said.
Notes to editors:
In July 2018 the PGF granted the Dunedin City Council $820,000 to complete a feasibility assessment and business case for the Dunedin Waterfront Project.
Funding from the Provincial Growth Fund is approved in principle and announced, after which contracts are negotiated. Some funding may depend on completion of business cases. Payments are made once agreed milestones are met. These are set as part of contract negotiations, and differ from project to project.