A fixed price has been negotiated for Christchurch's controversial new stadium ahead of a meeting to decide whether to proceed.
Te Kaha Project Delivery has successfully reached a fixed price contract for the multi-use arena with its lead contractor BESIX Watpac for $683m.
Chair Barry Bragg said the figure includes sufficient contingency to cover any issues that might emerge during the build of Te Kaha.
He refused to reveal how much the contingency was worth citing commercial sensitivity.
“While the overheated construction market means the total project cost is significantly higher than budgeted, the fixed price for design and construction means that if the council decides on Thursday to proceed, ratepayers will be protected from any further cost increases,” said Bragg.
The Christchurch City Council will need to add $150m to the arena’s budget if it decides to sign the contract.
READ MORE: Cost of Te Kaha could rise by up to $150m
Recent consultation shows 77% of the almost 30,000 submitters support the stadium being built, despite costing the average residential property $144 a year between 2025 and 2027.
Te Kaha would be completed by April 2026.
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