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Extract from Cabinet Minute CAB-19-MIN-0369: Draft Global Settlement Agreement: Progress Since the Agreement in Principle and Next Steps#
On 29 July 2019, following reference from the Cabinet Economic Development Committee (DEV), Cabinet:
1.1on 10 December 2018, the Cabinet Economic Development Committee (DEV) approved the negotiating parameters for the Crown’s global settlement negotiations with the Christchurch City Council (Council) [DEV-18-MIN-0285];
1.1on 3 April 2019, DEV noted an update on the progress of the negotiations and approved revised negotiating parameters [DEV-19-MIN-0068];
2noted that in May 2019, the Minister of Finance and the Minister for Greater Christchurch Regeneration (Joint Ministers) and the Mayor of Christchurch City confirmed an Agreement in Principle that sets out the proposed high-level agreements;
3noted that the Crown and Council officials have negotiated detailed terms to give effect to the in-principle agreements, but that there are still some remaining issues that need to be addressed before the proposed Global Settlement Agreement is finalised for decision making;
44 noted that the proposed Global Settlement Agreement is currently within the parameters agreed to by Cabinet, but that Joint Ministers will report back to Cabinet orally if any further material changes occur;
5noted the advice of the Minister for Greater Christchurch Regeneration on the changes to the proposed Global Settlement Agreement since the DEV meeting on 24 July 2019, including:
- the Crown will receive a 50 per cent share of the net profits from any divestment of the RRZ land;
- the development agreement for the Metro Sports facility will be excluded;
6noted that to meet expectations for seeking public feedback on the proposed Global Settlement Agreement, the Council intends to release information on the proposed Agreement to the public on 29 July 2019, before considering the proposed Agreement at a high level on 8 August 2019, followed by a final Council decision on the detailed Agreement on 22 August 2019;
7noted that, if Council approves the proposed Global Settlement Agreement, Joint Ministers will submit the Agreement to Cabinet for final Crown decision making in late-August 2019.
for Secretary of the Cabinet