Auckland's CBD Into the Future

Funding and budget

CBD targeted rate funding

A targeted rate to fund development projects in Auckland's central business district was introduced for residential and non-residential ratepayers in the CBD in 2004 for a 10-year period.
In 2006, the collection of the targeted rate was extended a further two years to 2016.
In July 2008, the amount that residential ratepayers contribute increased from $52 to $55 per annum.
The funding from the CBD targeted rate will significantly speed up and expand the projects to revitalise Auckland's CBD as one of the world's most vibrant and dynamic business and cultural centres.
The targeted rate will be used exclusively for projects that will enhance the CBD.
After 12 years, the CBD targeted rate will be reduced to cover day-to-day operational costs, such as higher levels of street cleaning and maintenance.
The CBD targeted rate will provide $175.5 million over 12 years to transform and revitalise the CBD.
The targeted rate funding covers a diverse portfolio of streetscapes and open space upgrades, increased service levels for street cleaning and maintenance, and funds a number of initiatives that includes action plans (quarters, strategy and policies), events, communications and marketing, professional management and support of the portfolio.
The targeted rate is applicable to CBD ratepayers only. This applies to both business and residents of the CBD. These are the property owners who will benefit most from Auckland City's CBD Into the future strategy.

Budget

Auckland City is investing a total of $963.9 million to transform and revitalise Auckland's Central Business District (CBD) and the Waterfront as part of a 10-year action plan that began in 2004.
Of which $67 million was invested prior to 2004 in the restoration of the Town Hall and Civic Theatre
$492.8 million is allocated to a wide range of projects to transform and revitalise the CBD, including
- a streetscape and open space upgrade budget of $162.5 million, of which $81.5 million is from the CBD targeted rate
- other capital projects of $216.8 million
- $122.1 million for higher amenities (including more street cleaning and costs associated with the accelerated delivery), other events, economic development and planning initiatives, of which $90 million is funded through CBD targeted rate.
$395.5 million is allocated to developing the CBD waterfront including Wynyard Point and the surrounding area. This will provide much-needed capacity for growth in a central location and will be a significant visitor and international tourist attraction.

CBD projects completed to date

Since June 2004, Auckland City has completed projects worth $242.6 million of the $963.9 million allocated to delivering Auckland's CBD Into the future strategy.

Projects completed prior to July 2004

Projects completed between July 2004 and June 2008
Projects underway or planned from July 2008 to June 2014

The benefits of this investment include:

improved urban environment due to streetscape upgrades on Karangahape Road, Lorne Street, Quay Street, Khartoum Place, Vulcan Lane and Queen Street
pedestrian focused signage erected to provide a sense of familiarity and orientation for both local users and visitors
enhanced access to the CBD for passenger transport through the implementation of designated bus priority lanes on key transport routes
increased activity and events in the CBD resulting in a more vibrant and dynamic place to live, work or visit
coordinated planning and implementation of projects within the CBD through the introduction of the CBD strategy and action plan
innovative parking guidance signs, advising motorists of available short-term spaces in CBD parking buildings.

updated July 2009