Fund expected to be hotly contested

A fund set up to kick-start the development of major infrastructure projects in the Bay of Plenty is likely to be oversubscribed when applications open next month.

Bay of Plenty Regional Council’s Regional Infrastructure Fund opens on 7 November for formal applications. The council has set aside $38 million in its Ten Year Plan 2012-2022, available over nine years, for projects that promote sustainable regional economic growth, or promote environmental protection and enhancement that supports sustainable regional economic development.

The Regional Council’s General Manager Strategy Fiona McTavish said that following a recent expressions of interest process to assess interest in the fund, it was obvious that demand was likely to outweigh the amount of funding that will be applied for.

“Council received 47 expressions of interest in the fund, requesting approximately $250 million across the nine years 2013/14 to 2012/22,” Ms McTavish said. “These came from a wide range of public, private, Maori and community entities throughout the region.”

“What the expressions of interest process has shown us is that this fund will fill a need within the Bay of Plenty to assist with infrastructure development.

“However the process has also highlighted that due to the high demand, applications will need to provide a strong business case to be considered for the hotly contested funding that is available.”

Organisations considering applying to the fund are invited to attend a public briefing on Thursday, 8 November at The Orchard, Te Puke at 2pm. To register for the briefing, email rif@boprc.govt.nz

People can also read more information about the fund, including the full Regional Infrastructure Funding Policy and Procedures document on the Regional Council’s website www.boprc.govt.nz/rif

Full information about the formal application process will be posted on 7 November, and the briefing notes will be available on the webpage after 8 November.