The revaluation of assets at Baypark by many millions is a bit of a joke, anyone in the know here realises that all were constructed in line with the lease term that was to end in 2021.
Baypark annual report says that the assets have been revalued by $9.8m, so given a $5m overall surplus means that Baypark has actually made a loss of $4.8m.
The $9.8m revaluation is a 'paper entry” it is not 'cash in the bank”, a loss is money spent and gone, someone has to pay, the ratepayers.
In 2007 Mayor Crosby said 'The purchase of Baypark will not cost ratepayers ...”, yet here we are only five years later with a horrendous debt imposed on ratepayers that includes: - purchase $12.0m, losses $11.5m totaling $23.5m and counting. There have also been significant monies spent on roading, training fields, speedway and more the cost of which is not disclosed clearly. New shares that have been issued for another $16m or so but as yet TCC have not been asked to pay yet, but they will be. The losses have to be paid, that cash comes from rates annually, there is no where else.
From the start TCC have said that Baypark is 'Commercial run” business, but the latest annual reports prints that 'TCVL has designated itself as a public benefit entity”, does this mean that reality has caught up with TCC/Baypark that the real purpose has changed because the 'truth” from before is now untenable!

I Stevenson, Tauranga.