The Waikato Regional Council today confirmed that the Home of Cycling Charitable Trust had met all Council conditions and that its $6m investment, approved in September 2011, will now be paid over the duration of the construction of the Avantidrome.
Most significantly, following recent receipt of its Resource Consent, the Trust can now sign the construction contract with Livingstone Building Ltd and formally begin the construction of the Avantidrome.
“We were always confident of being able to fulfill the requirements of our Funding Agreement with the Waikato Regional Council and we are pleased that their funding agreement is now unconditional”, says Home of Cycling Chief Executive Geoff Balme.
Balme continued, “We now look forward to completing our funding plan and securing a further $6m to ensure that the Avantidrome opens debt free and that we don’t call on the underwrite agreements we have in place. We will continue to build commercial partnerships and look for sponsorship over the coming months”.
The Home of Cycling will soon be unveiling a public campaign designed to further connect the community with the project.
Some initial earthworks works on the site of the Avantidrome began earlier this month.