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The Dunedin Tunnels Trail Trust has until April 27 to raise $400,000 in loans and $150,000 in donations to buy land around the tunnel and secure access to it.
By yesterday, it had surpassed one of its two fundraising goals, having raised $405,000 in loans.
However, donations were lagging, at just $19,255.
Trust chairman Gerard Hyland said the next fundraising initiative was to sell naming rights for the tunnel portal.