Buddle Findlay is pleased to have advised Westpac and Bank of New Zealand on the first transaction under the Infrastructure Funding and Financing (IFF) Act implemented by Crown Infrastructure Partners, which has raised approximately $175m for thirteen transport projects across the Tauranga region.
Tauranga will be the first region to use a new Government tool to raise funding for much-needed infrastructure.
The IFF Act offers councils an alternative model to provide infrastructure needed for housing and urban development through a levy. The IFF levy will partly replace a targeted rate Tauranga City Council is charging to fund its Transport System Plan (TSP) projects, increasing balance sheet headroom for the Council. Tauranga City Council is the first council to utilise the IFF Act.
The Buddle Findlay team was led by partners Peter Owles and Daniel Collins. Hugh Kettle of Bell Gully advised CIP.
Peter Owles and Daniel Collins commented “We are pleased to be a part of such an innovative financing transaction - recognising that it is a key milestone for Tauranga and the funding of infrastructure in New Zealand more generally. It was great to work alongside the team at CIP, and Maficˮ.
Congratulations to everyone involved, in particular Andrew Kittle and Annabelle Henry of Westpac, and James Grant and Laura Harris of BNZ for all your mahi in bringing this transaction to completion.
For more information visit - Tauranga region to benefit from new funding and financing tool
