Auckland Council has unanimously approved the America's Cup base plans, after months of negotiation between it, central Government and Team New Zealand.

The $212 million Wynyard-Hobson plans are now set to go ahead, with resource consent expected to be lodged early April. Auckland Council will pay $98.5 million, with the Crown contributing $114m.

After months of protracted discussions, Mayor Phil Goff said the three parties are satisfied with the outcome.

"In the end, we reached a point where we are together, and we are going to make this the best ever America's Cup."

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He says the approved plan is cheaper than earlier options, with less intrusion into the harbour, and leaves an ongoing legacy for Aucklanders.

Team New Zealand will be at the central location of the Viaduct Events Centre on Halsey Wharf.

The team's been given a five-year lease, which will see them though to the 2021 Cup, and about 18 months beyond it.

One base will be on a 74m Hobson Wharf extension, and up to five bases on the eastern side of Wynyard Point. There won't be any extension to Halsey Wharf.

Goff says he hopes the infrastructure's legacy won't be realised for some time.

"I want to see the America's Cup won. We're investing in you [Team New Zealand] - don't let us down. No pressure," he said.

For hours, the council's governing body discussed the costs and benefits the Cup would bring to the city, the country and the Government.

Auckland Mayor Phil Goff along with council members at Wynyard Quarter to look at possible locations for the America's Cup Base. Photo / Dean Purcell.
Auckland Mayor Phil Goff along with council members at Wynyard Quarter to look at possible locations for the America's Cup Base. Photo / Dean Purcell.

It's estimated between 5000 and 8000 jobs will created directly from hosting the cup.

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Additional GST income would flow to the Government, and expenditure to local businesses, particularly the marine and hospitality industries.

Goff said Auckland will receive indirect benefits such as international exposure. But he admits the Council won't receive any income directly from hosting.

"We know that there are real benefits for New Zealand, and for our city out of it. Unfortunately revenue to council isn't one of those."

Resource consent will be lodged by April 6. Three teams will arrive in mid-to-late 2019. Council documents state the timeframe "remains extremely tight".

"However, the current proposal has reduced marine-related works and is still able to be completed within the required timeframes."