WCC doing $32 million corporate welfare to a cinema chain

The Post reports:

Wellington City Council is considering spending $32 million to buy the land under the Reading Cinemas complex on Courtenay Place, leaked details from a private council meeting reveal.

Multiple sources have confirmed the $32m figure. It is understood that the deal would mean Reading uses the $32m of council cash to strengthen the building, which abruptly closed in 2019 after a report raised quake fears. It is also understood councillors voted to start due diligence on the deal.

Sources have also confirmed the deal, discussed in a public-excluded council meeting, would mean Reading International has the option of buying the land back from the council at the same price it sold the land.

This is crazy. Over $400 per household to buy land under Reading Cinema which can only be used by Reading Cinema, with an option for them to enjoy it interest free effectively for a decade, when they can but it back at the same price.

This is simple corporate welfare to a multinational company, that ratepayers will have to pay for.