Christchurch City Council is giving the Canterbury Agricultural and Pastoral Association $5 million.

It has signed an agreement agreement which will open up more of Canterbury Agricultural Park for public use while “helping to provide long-term certainty for the A&P Show.”

The association had a 100-year lease on five hectares of Council land at 141 Wigram Road which was surrendered as part of the agreement.  T

The Council paid $5 million for the purchase of the remaining 95 years of the lease.

In a statement, General Manager Citizens and Community Andrew Rutledge said the agreement was beneficial to both parties. 

 “The A&P Show is such an important event for both the rural and local community, bringing people from around the country to our city. 

“This agreement will support the future of the Show and the surrendering of the lease will allow us to use part of the land for additional sports fields in the south-west of the city.”

A condition of the payment of $5 million is that CAPA uses $1 million to pay off its existing loan with the Council.

The remaining $4 million will go to a newly established, capital protected charitable investment Trust.   

The Trust has three independent trustees – one appointed by CAPA, one by the Council and the third jointly appointed who will also be the Chair. 

Rutledge claimed the agreement reduced ongoing ratepayer subsidies for the show. 

“The creation of a capital protected investment fund to be administered by the Trust will generate an ongoing revenue stream to support operational costs of running the show.” 

The Trust will begin operating in June 2024 and will provide the Council with annual updates on its financial position.