An extra $16million is being pumped into the Invercargill City Block development to tally up to a $46million contribution from Invercargill City Council (ICC). However, it was noted that should central government invest money through the "Shovel Ready" fund, the council would need to invest less. When one of the project investors withdrew $21million of his contribution last year, there was a funding shortfall and the council was advised that without that dollar amount, the project was unlikely to go ahead. While the vote to approve it was unanimous, there was confusion about what the additionally bought shares meant for the council and whether the project would become a council-controlled organisation (CCO). The matter was brought up by Councillor Nobby Clark, who asked for clarification on equity and shares.

Source: Otago Daily Times June 29, 2020 16:30 UTC