Council considers loan for Omaka

Marlborough District councillors will debate giving a financial lifeline to the Omaka Aviation Heritage Centre because the centre cannot repay a bank loan.

The centre owes the bank $1.4m from a loan taken out when the centre was opened in 2006.

It is unable to keep up with interest payments because of a stalled aviation business park venture next door to the centre, in Omaka, Blenheim, which has not developed well because of the economic downturn.

The aviation centre itself is making a profit through visitors, but overall running at a loss because of the interest repayments.

New Zealand Aviation Museum Trust chairman Brian Greenall said the centre's finances were being propped up by income raised from the biennial Classic Fighters Air Show, but this could not go on forever.

The business park's annual income is $9000, a fraction of the anticipated $50,000.

Mr Greenall said he was confident the economy would pick up and land at the business park would be purchased.

"It's not a question of if, but a question of when," he said.

A $1.4m council loan is one of the options being explored to help the centre repay the debt.

"We see this as a way forward. It's like saying "here's some breathing space", Mr Greenall said.

The heritage centre contacted the council after a 2010 review by former council corporate finance manager John Patterson, who said maintenance and development at the centre was being deferred because of its financial situation.

Council corporate finance manager Martin Fletcher recommended the council take out a bank loan on behalf of the heritage centre, but councillors could also decide to fund the money through the Forest Park/Taylor Pass Reserve fund, or through rates.

The loan would most likely have a lower level of interest compared to what could be obtained by the heritage centre, because the council was a more secure client, Mr Fletcher said.

The interest cost would be added to the loan with the aim of the centre starting to pay back the loan in two or three years time when the economy had hopefully recovered, Mr Fletcher said.

If councillors approved the recommendation, the centre's financial position would be reviewed again in two or three years.

The centre is widely recognised in New Zealand as well as internationally, and brings in more than $2m per year to the Marlborough economy.

Visitor numbers are an average of 25,000 per year.





By
Neha Jain

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