Queenstown Airport’s compulsory lot six payment – huge debt risks for ratepayers
Crux, 19 June 2020
We Love Wakatipu Inc has been reminding council and councillors of the risks of QAC’s locked in Lot 6 purchase from Remarkables Park since our inception.
We’ve been ignored – as was Councillor Niki Gladding when she raised this and other pertinent financial governance issues at the council meeting at which nine of her colleagues voted to agree to the airport company’s invalid statement of intent.
In a later media comment, Mayor Boult confirmed there had been no discussion between Council and QAC of investment risk. He added that any bailout discussions would be “remarkably premature” and that selling shares requires shareholder discussion and approval.
QLDC’s financial governance of QAC to date and QAC’s past patterns of behaviour give no cause for such a sanguine approach. It will be likely too late for our community and council to affect the outcome by the time QAC come calling.