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The cost of maintaining Harbour Cone, in Dunedin, is yet to be determined, despite a management plan for the property being adopted this week.
The lack of a financial aspect was the main criticism of the plan, but the community development committee that approved it heard that was the next step.
The council bought the property for $2.6 million in 2008, after public concern it might be split into subdivisions.
The management plan was put together following public consultation last year.
At a community development committee, Cr Paul Hudson said he understood the cost of owning the property would be offset by applications for funding and the sale of some land.
Acting community and recreation services policy team leader Dolina Lee said the decision not to sell land was the decision of the hearings committee.
That committee was Mayor Dave Cull, Crs Jinty MacTavish and Kate Wilson, and former Otago Peninsula Community Board chairwoman Irene Scurr.
Mr Cull told the meeting the hearings committee was asked to investigate how to get a financial return, but the committee decided selling some of the property was not a good idea.
There would have been "very little" profit if land was subdivided. As well, the property was "riven with instability".
It had been very difficult to get funding for a council-owned property, though some funding had been found.
Cr MacTavish said the plan was built on there being a viable farm on the property, though no money was budgeted for improvements.
Cr Syd Brown said there should be a budget alongside the plan, so the community knew what the costs were.
"What are the revenue streams?"
Cr Chris Staynes said it was a two-stage process, with the plan first.
"Any cost still has to come through the council process."
Cr Lee Vandervis said without knowing what the costs were, he could not approve the plan.
The plan was approved by a majority vote.