Council owned company Urban Plus last week recommended that the council not proceed to lend $1.7 million to a developer as the risk was too great.
No doubt the council acted properly by insisting that Urban Plus complete due diligence, the question lies as to whether it is the councils role to fund a developer at all?
Public opinion would suggest that a greater level of transperancy is required by the council in any dealings involving funding especially all projects that involve private investment, or a project deemed to benefit a private investor.
So what of the Daly Apartment development now?
Is the project going to proceed? Was the councils money a necessary deal maker to complete the project?
No doubt time will tell if any work will commence on this empty site in Daly Street.
Photos copyright HuttNZ