It has been revealed that Route K problems continue for the TCC well after the sale to NZTA mid year.
For decades, TCC was feverishly desperate to build it, then once built to off-load anyhow possible. This was because TCC went over its debt limit and was paying for its huge spending habits by borrowing more and more.
By 2014 NZTA agreed to pay some $61.5m to TCC because TCC's predictions showed a profit in a few years. TCC had debt related of $110m and annual losses of $4-5m/pa.
Now, TCC ratepayers are left with about $55m of debt, a bill in the future of $45m(likely $70m+) for SH2A widening (15th-Ave/Turret), the maintenance of it, no land, no tolls revenue and no profits to pay anything in the future.
I Stevenson, Tauranga
Posted: 08:52am Fri 02 Oct, 2015
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2 comments
Shocking
Posted on 02-10-2015 16:23 | By Plonker
TCC have sold Route K just when it has started to look like it will make a surplus, how amazing, the timing was absolutely perfect.
Who
Posted on 11-10-2015 16:28 | By algail
The TCC have one of the greatest gifts any slapstick council can have and that is the ability to waste and borrow money faster than any other council. One wonders why there is so much concern about a coal mine or two owing 200 odd mil yet no concern about the huge embarrassing debt the TCC has loaded ratepayers with and Aucklanders are paying $365.000.000 a year in interest which seems to be s fine. The mind boggles at misdirected concerns. Route K was badly designed from the outset , no on ramp for traffic heading south and no off ramp for traffic heading north. Had the council thought more about making money than borrowing and wasting money those two facilities would have been in place and route K would have been used more and maybe a profit as a result of more use. Alastair Bourne
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