The Yarrow Stadium upgrade has received funding from the Government.
Today it was announced the upgrade has received a $20 million cash injection from the Government.
Taranaki Regional Council chairman David MacLeod says the funding is great news for ratepayers and will allow the venue to be back in operation as soon as possible.
"We're extremely grateful for this 'shovel-ready' funding from the Government. It will reduce Yarrow Stadium rates by a considerable amount, and we're aiming for work to begin before the end of the year."
The stadium's grandstands were declared earthquake-prone in 2017 and 2018, and closed to the public. In 2019 the council decided on a $50m refurbishment and repair project, funded with a 25-year loan to be repaid via a targeted Yarrow Stadium rate.
The works programme is on hold, however, pending a careful review of proposals taking into account changing circumstances arising from the impacts of Covid-19.
"The review should be complete in the next couple of months and today's funding injection makes it easier to determine options," he says.
"Whatever decisions arise from the review, the total budget still won't exceed $50 million. Ratepayers can confidently expect a reduction of just over 40 per cent in the Yarrow Stadium rate from July 2021 onwards."
David says the funding injections makes it realistic to expect site works to begin before the end of 2020.
"Today's announcement is fantastic news for the region."
Among the announcements, are the repairs and redevelopment of the deemed unsafe, earthquake-prone building Yarrow Stadium, with a commitment of $20m from Government, and co-funding from Taranaki Regional Council to bring it back to full use, while creating economic stimulus and jobs.
"We're pleased to see some momentum gain on this significant regional venue, along with the signalled 150 jobs that are set to come from the project," says Venture Taranaki chief executive Justine Gilliland.