Metiria Turei, in Committee, to move the following amendment:
New clause 6A
After clause 6 (after line 19 on page 5), insert:
6A Regulatory concessions following termination event
If the Agreement is terminated following a termination event, SKYCITY ceases to retain the regulatory concessions or any benefit that the regulatory concessions have conferred.
This Supplementary Order Paper amends the New Zealand International Convention Centre Bill. It inserts a new provision to clearly state that, upon a termination event, SKYCITY should cease to retain the regulatory concessions as set out in the Agreement. Currently, the regulatory concessions continue after termination until the expiry of the Agreement, and beyond if SKYCITY has applied for an extension. The Agreement states that
“SKYCITY acknowledges” that a termination event
“would make it unjust for SKYCITY to retain any benefit from the Regulatory Concessions”, however it is not explicitly set out. This Supplementary Order Paper achieves this.