Waikato Innovation Park Ltd

Closed 24 May 2017

Opened 17 May 2017

Overview

Hamilton City Council is proposing to incorporate a new Council Controlled Organisation (Newco) to hold and undertake some of the interests currently owned and managed by Waikato Innovation Park Ltd.  The establishment of this Council Controlled Organisation will allow Council to separate the ownership of New Zealand Food Innovation (Waikato) Ltd and the management of a business growth/economic development function (under contract) out from Waikato Innovation Park Ltd.

This business restructure will allow Council to sell Waikato Innovation Park Ltd, noting the competitive sale process is already underway to identify a purchaser.

The new Council Controlled Organisation will only be established if a third party purchaser for Waikato Innovation Park Ltd is secured with sale terms that meet all the conditions set by Council.

If Waikato Innovation Park Ltd is sold under the competitive sale process, all sale proceeds will be passed back to Council to reduce debt and apply to charitable purposes (dependent on original funding sources).  A sale of Waikato Innovation Park Ltd will mean that Innovation Waikato Ltd is no longer required, and given that Innovation Waikato Ltd has undesirable legal and constitutional charitable origins, it is proposed that Innovation Waikato Ltd be wound up.

Proposed New Ownership Structure and Council Controlled Organisation (Newco)

Areas

  • Hamilton

Audiences

  • Everyone

Interests

  • Everyone