Council and hapū ready for Waitara sell-off
|11 Mar 2019 14:54 PM|
|Photo Image - @Te Atiawa|
New Plymouth District Council has signed an agreement with Manukorihi and Otaraua hapu on how they will work together to manage the proceeds of the sale of Waitara land
The agreement signed at Owae Marae on Saturday stems from the Waitara Lands Act passed by Parliament last December that allows Waitara leaseholders to buy the freehold on their land.
The proceeds from the 770 properties, which could be worth up to $90 million, will be split into three funds.
Te Kōwhatu Tū Moana Trust, representing the two hapu, will decide how a hapū land trust will be distributed.
A Waitara Perpetual Community Fund will be set up to help support community projects in Waitara, with the council and trust each appointing three board members.
The third fund is to support the Waitara River and environmental projects, and it will be managed by iwi and hapu with interests in the river and the Taranaki Regional Council.