David Wilson, chief executive of Northland Inc.
Northland's economic growth unit will be able to access up to $300,000 of Northland Regional Council funds each year to scope public or private development projects - without needing the council's approval.
On Tuesday, the Northland Regional Council adopted changes to its $1.7 million Investment and Growth Reserve (IGR) criteria and allocation.
Northland Inc can now take on or commission business case studies up to $100,000 a pop, a maximum of three times a year — so all up, potentially worth $300,000.
The IGR also contributes $1.2 million to Northland Inc's annual operational costs.
The changes within the IGR will be known as Enabling Investment funding, as the IGR ''enabled'' further investment in Northland, chairman Bill Shepherd said.
But Northland Inc cannot dip directly into the purse; instead it will invoice the council after the job is done.
Beforehand, Northland Inc had to apply to the council for any IGR funding for feasibility studies.
The changes follow the NRC's review of its practises, including the funding of economic development.
Whether the NRC's change was a sleight of hand — as the IGR is still paying the bill — went unmentioned at Tuesday's meeting, but there was discussion about walking a fine line between public and private investment.
Kaipara ward councillor Penny Smart said she was concerned that although the term "assessing investment impacts" featured in the new text, there was less mention of assessing environmental impacts.
That was addressed by swapping a clause from one part of the text to another: stipulating that Enabling Investment funding could not be used to fund any project deemed to have potential adverse impacts on the [local] environment, social or cultural wellbeing, regardless of any positive economic impacts.
Chief executive Malcolm Nicolson said the term ''investment impacts'' included environmental and social concerns, and applied to positive outcomes as well as negatives.
He said it was important to distinguish between a business case and actual investment in a project.
Northland Inc had hoped the criteria would include it taking on "debt deals" but Mr Shepherd told Northland Inc chief executive David Wilson the council would not support those.
''If it's sound or solid commercially, it will attract investment. If it's a truly commercial venture, leave the private market to find its investment level,'' Mr Shepherd said.
Mr Wilson told the Advocate the council had made a positive step delegating feasibility and business case funding to Northland Inc.
"Finding out what is feasible, and creating robust business cases for projects that benefit Northland needs to be done in a timely and efficient manner, and this decision will achieve that," he said.
"Northland Inc is, however, disappointed with a second decision that changes the criteria of IGR investment into projects."
He said Northland Inc supported three categories in the criteria - relating to debt, equity and impact investment - but the council rejected "debt and equity".
"The council's decision has essentially rolled back the original intent of the fund, leaving only the impact investment category," Mr Wilson said.