We could do this in a number of ways. We could call for tenders or sell it on the open market. Council could be the developer and sell the sections on its own. Or we could set up a joint venture.
If Forrester Heights was offered for sale, the market would set the price. But we would only sell if the price was right. Council would definitely have conditions that would keep the character of the area. Those conditions will include height limits and house design rules.
If our conditions were met and a sale went ahead, the proceeds could be used in several ways. We could use the money to pay for a new service or facility like a new reserve in another part of Ōamaru or to help fund the new Waitaki Events Centre. Or we could invest it to generate a return to support services and reduce rate increases. We could also pay down debt, or even do a combination of all those things. See more about this in the FAQs.
The key thing is that we would need to spend the money in a way that made a big difference and gave real benefit to the community - now and in the future.
If Council decided to offer Forrester Heights for sale after considering community feedback and all the pros and cons, and a sale did go ahead, the community would be consulted on specific options for how the money would be used. If the decision was made to sell only part of the land, then one of the other two options would apply to the remainder.
✓ The money from the sale would be used for the community’s benefit.
✓ Any new households on Forrester Heights would pay rates.
✓ As landowner, as part of any sale, the Council would set rules (called covenants) that would control development even more than the current planning rules. The rules would deal with height limits, house design, and would protect views from Lookout Point.
✘ If the land was developed by Council before sale, it might mean extra costs and risks for us.
✘ With houses on the land, it would look different and some open greenspace would be lost.
✘ Having height and design rules may mean we get less when we sell the land.