Mr Stephens has also explained where the money to pay the stadium debt is coming from.
When Dunedin City Holdings Ltd's statements of intent were discussed at a finance, strategy and development committee last week, they were changed to make sure the council-owned companies' contribution towards the stadium debt servicing was noted.
Concerns were raised the companies may struggle to invest in profitable business opportunities because they were saddled with stadium debt.
The way the council has organised the payment of stadium debt has been controversial since the project began, and became part of court battles by anti-stadium funding group Stop the Stadium in 2009.
Asked to explain the issue, Mr Stephens said the cost of debt servicing was $10 million a year.
The city's ratepayers would forgo $5 million a year the council's companies already gave the council as a dividend, that money going to debt.
Because that money would not go to the council, it would be covered by ratepayer contribution.
As well, the companies would be required to pay another $3 million towards the debt.
The remaining $2 million would be made up from "efficiencies" from the group of companies.
On any concern from the companies about the level of the payments, Mr Stephens said the $3 million requirement had been there "right from the start", as far back as March 2008.
Where the companies got that money - whether from profits, debt or a percentage of both - was up to them.
"That's their choice.
"Their first obligation is to the council."
