The Carisbrook Stadium Trust faces the task of raising $52 million in funding from the private sector, not the original $45 million, if predictions only 53 per cent of the money will be received before 2011 are accurate.
Trust chairman Malcolm Farry revealed the new total yesterday when contacted by The Star to discuss concerns raised in a Dunedin City Council meeting over the fact that the full funding amount would not be received before 2020.
Bridging finance would likely be required to cover the shortfall in the interim, which meant the private sector fundraising would have to be more than planned, Mr Farry said.
The subject arose at a DCC meeting to consider recommendations from the annual plan hearings committee on May 26, when councillor Dave Cull expressed concern at the potential impact on ratepayers of the later timeframe for the money to be received.
Contacted by The Star on Tuesday, Mr Cull reiterated his concern, saying if the money had to be borrowed, it would lift the cost of the project and increase the risk to ratepayers.
‘‘Should that private sector funding not materialise, who pays?'' Mr Cull asked.
The private funding pledged so far changed on a daily basis, but at the end of last week the total stood at $15 million, Mr Farry said.
Many of the private funders had been asked for payment on an annual basis, which meant a proportion of the money would be paid over before the stadium was built, with the rest coming in yearly instalments after that, Mr Farry said.
The level of private funding would be discussed in the trust's six-weekly report to the council's finance and strategy committee on June 23. Given Otago Regional Council would discuss the stadium next week and might make its decision, it was an important time, Mr Farry said.
‘‘This week's meeting could have a huge impact.''
Mr Farry said the rigours of the project were draining and frustrating, with one hurdle followed immediately by the next.
‘‘But it is a challenge we [the trust] have accepted.''
The final decision on the stadium would not be the trust's to make, but would be made by stakeholders and funders.
