The remaining $4m would go into a new charitable investment trust with the revenue from the trust being used to help cover the costs of running the show each year.
Rutledge said it would mean the park could be used for recreational purposes throughout the rest of the year.
“There’s an increasing demand for recreational spaces in this part of the city due to the amount of residential development taking place.”
And it benefited CAPA as well, he said.
“The A&P Show is such an important event for both the rural and local community, bringing people from around the country to our city.”
Christchurch councillor Sam MacDonald said it remained to be seen whether this year’s show would go ahead.
“I would have thought that they could get on and do it, I mean what we’ve been saying to them for a couple of years though is that the model isn’t necessarily right.”
MacDonald said negotiations for the agreement were made before the cancellation was announced.
“What we want them to do is get set up so that long term that funding comes in in perpetuity.
“The last thing we want, because they’ve been back to the council a couple of times, to be really blunt, for bailouts, is to get off on that wrong footing this year.”
The council would rezone some of the parkland and sell it off to recoup costs, MacDonald said.
- RNZ
