Reading Cinema Handout Will Cost Ratepayers Millions

Responding to the release of details surrounding Wellington City Council’s proposed purchase of the land under the Reading Cinema, Taxpayers’ Union Policy and Public Affairs Manager, James Ross, said: 

“Despite the Council spin that this deal won’t cost ratepayers anything, ratepayers are still being lined up to subsidise a multinational company with property valued at half a billion to the tune of millions of dollars. 

“Loaning at well below market rates means that ratepayers are taking on the risk, and the opportunity costs of sinking tens of millions into this corporate subsidy are enormous. 

“If the Council can sell assets to fund a bung, it can sell land to invest in crumbling roads and leaking pipes instead. Whilst basic infrastructure falls apart, the Council are choosing to waste Wellingtonians’ money on ludicrous corporate handouts rather than clean up their own mess.”