The SkyPath planned for Auckland’s Harbour Bridge is set to progress with an initial funding proposal received from the Public Infrastructure Partnership (PIP) Fund.
Project Director Bevan Woodward says “We’re very pleased to advise that the Public Infrastructure Partnership (PIP) Fund have made an initial proposal to fund the $28 million required to build SkyPath on the Harbour Bridge.”
“The PIP Fund is managed by Morrison & Co, and its largest investor is the NZ Super Fund. They bring considerable funding expertise, having recently signed an agreement with the Government to design, build, finance and maintain two new schools in Hobsonville for the next 25 years.“
The PIP Fund’s proposal for the SkyPath project shares the financial risks and returns as follows:
1) A potential Council top-up is required only for the first four years if revenue is below 75% of the business case projections
2) Council receives a share of all revenue exceeding the business case projections
3) Ownership and control of the SkyPath is given to Council after the tolling period.
The PIP Fund’s proposal is subject to a due diligence review of the SkyPath’s estimated construction and operating costs. Their funding proposal has been forwarded to key stakeholders Auckland Transport, Waterfront Auckland, ATEED and NZTA seeking their feedback and requesting that they become involved in this opportunity. The goal of the AHB Pathway Trust is to start construction of SkyPath next year.
Editor’s note: The Herald also has an item on the great news, with some additional reporting of interest.