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Wednesday
Sep282011

Contingent Liability

Council today heard a most extraordinary argument put forward by Cr Wells, supported by others, who appeared to have a great deal of difficulty with the word 'contingent'. The matter related to Council retaining ownership of Development Contribution Reserve Credits. Readers will be aware that Council retains these credits on its books until the developer comes forward with a further Resource Consent application at which time the credits are revalued, and credited to the new development.

The problem is that the amount standing in the Council books is contingent because it is impossible to value the vested reserve assets until such time as the developer moves on to his/her next contiguous development.

It is all a bit convoluted, but perfectly logical. Cr Wells characterisation of the credits as "legalised theft" stretches incredulity, but clearly there are a bunch of developers out there who would like to get their hands on the money, rather than simply receive the credit on their next development. Sorry Jack, that is not the way the World works, let alone our Council. 

Developers are obviously in the mood for some payback on their election investments.  

 

 

 

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