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Management of Anchor Projects by Ōtākaro Limited

This appropriation is limited to the Crown's contribution to Ōtākaro Limited's operating and financing expenses.

What is intended to be achieved with this appropriation

This appropriation is intended to achieve continuation of Christchurch earthquake recovery of Anchor Projects Programme and divestment of Crown-owned land in Christchurch.

What was achieved with this appropriation

Ōtākaro Limited was incorporated under Schedule 4A of the Public Finance Act 1989 in February 2016, and was fully operational in time to receive the transferred Anchor Projects Programme and Crown-owned land in Christchurch prior to CERA's disestablishment in April. In the period covered by this report, Ōtākaro Limited has still been in its establishment phase. It has successfully assumed responsibility for the Anchor Projects Programme. Ōtākaro has also started to divest land in Christchurch that was transferred to the company by the Crown. Ōtākaro has added value to the projects and Crown land while balancing good commercial outcomes and the Crown's regeneration objectives in accordance with the purpose in the company's constitution. The Treasury provided, on behalf of the Crown, $7.467 million to Ōtākaro Limited in 2015/16 from this appropriation.

Ōtākaro Limited is required to produce a Statement of Intent and Statement of Performance Expectations and to report on its financial performance in its Annual Report. Collectively these documents will include reporting on the company's performance in managing and administering the Anchor Projects Programme and divestment of land which is financed from this appropriation. The first Annual Report, covering the period between establishment and 30 June 2016, will be available in November 2016. Shareholding Ministers have agreed that the first Statement of Intent and Statement of Performance Expectations should be provided in draft to Ministers by 1 October 2016.

Performance measure Target for 2015/16 Performance for
Forecast for 2016/17
Ōtākaro Limited will manage and administer the Anchor Projects Programme and divestment of Crown-owned land in Christchurch in accordance with the company's purpose as set out in its Constitution and its Statement of Intent. Achieved Achieved Achieved
Non-departmental 2016
Main Estimates
Supp. Estimates
2017 Unaudited Forecast
as per BEFU 2016
- Expenses 7,285 - 7,467 23,000
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