Further proof the Council just made things worse

Stuff reports:

Reading Cinemas is set to return to Wellington after it was revealed on Tuesday night that the cinema chain’s owner, Reading International, intends to undertake a redevelopment of the old building.

The company has entered into a Sale and Purchase Agreement with Prime Property Group, with part of the deal including a seismic upgrade of the the Courtenay Central building.

After this is completed, the building will be reopened as a cinema complex, with Reading Cinemas undertaking a long-term lease.

The Councillors who voted for the corporate welfare should be ashamed of themselves. Once the Council was out of the way, the normal commercial incentives came into play and we get the best of all worlds – no ratepayer subsidy, the cinema reopens, and a redevelopment.

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