Infrastructure Funding and Financing (Te Awa Lakes Project Levy) Order 2026
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2026/52
Infrastructure Funding and Financing (Te Awa Lakes Project Levy) Order 2026
Cindy Kiro, Governor-General
Order in Council
At Wellington this 23rd day of March 2026
Present:
Her Excellency the Governor-General in Council
This order is made under section 29 of the Infrastructure Funding and Financing Act 2020—
(a)
on the advice and with the consent of the Executive Council; and
(b)
on the recommendation of the Minister of Housing made in accordance with sections 27 and 28 of that Act.
Contents
Order
1 Title
This order is the Infrastructure Funding and Financing (Te Awa Lakes Project Levy) Order 2026.
2 Commencement
This order comes into force on 21 April 2026.
3 Interpretation
(1)
In this order, unless the context otherwise requires,—
Act means the Infrastructure Funding and Financing Act 2020
annual report means an annual report under section 111 of the Act
capital value has the meaning set out in section 2 of the Rating Valuations Act 1998
commercial rating unit, in respect of a levy year, means a rating unit that, as at 30 June immediately preceding the levy year, has a database category of “commercial” (or any other database category or categories that are generally applicable to rating units that are commercial or otherwise non-residential)
database category, in relation to a rating unit, means the category (if any) to which the unit belongs for setting a general rate in accordance with section 13(2)(b) of the Local Government (Rating) Act 2002, as determined from information in the database kept and maintained by Hamilton City Council under section 27 of that Act
developed rating unit, in respect of a levy year, means a rating unit that, as at 30 June immediately preceding the levy year, has an area of land equal to or less than 700 square metres
developed rating unit (commercial) has the meaning set out in clause 17(6)
developed rating unit m2, in respect of a levy year, means the combined total area in square metres, as estimated by Te Awa Lakes Finance LP as at 30 June immediately preceding the levy year, of the following land in the levy area:
(a)
the land of the developed rating units:
(b)
any base land of a unit title development, excluding the area of any individual unit titles subdivided from that base land
developed rating unit (residential) has the meaning set out in clause 17(6)
eligible costs means the costs referred to in clause 8
forecast date has the meaning set out in clause 27(5)
levy area means the geographic area referred to in clause 6
levy period means the period specified in clause 9(1)
relevant eligible infrastructure means the infrastructure referred to in clause 7
residential rating unit, in respect of a levy year, means a rating unit that, as at 30 June immediately preceding the levy year, has a database category of “residential” (or any other database category or categories that are generally applicable to rating units that are residential)
undeveloped rating unit, in respect of a levy year, means a rating unit that, as at 30 June immediately preceding the levy year, has an area of land greater than 700 square metres
undeveloped rating unit m2, in respect of a levy year, is the total area of land in square metres of the undeveloped rating units in the levy area, as estimated by Te Awa Lakes Finance LP as at 30 June immediately preceding the levy year.
(2)
For the purposes of the definition of developed rating unit m2 in subclause (1), base land and unit title development have the meanings set out in section 5(1) of the Unit Titles Act 2010.
4 Transitional, savings, and related provisions
The transitional, savings, and related provisions (if any) set out in Schedule 1 have effect according to their terms.
5 Authorisation of levy
(1)
This order authorises the use of a levy for the purpose of funding eligible costs relating to eligible infrastructure.
(2)
This order sets out how liability for the levy is to be assessed for rating units.
(3)
For that purpose, clauses 6 to 30 set out the matters required or permitted under subpart 2 of Part 2 of the Act.
Guidance note
See section 40 of the Act, which requires the responsible SPV (which is Te Awa Lakes Finance LP) to set the amount of levy for each levy year. In setting the levy, Te Awa Lakes Finance LP must calculate it in accordance with this order.
6 Levy area
The levy area is the area specified in Schedule 2.
Guidance note
Hamilton City Council is the responsible levy authority in relation to the levy area.
7 Eligible infrastructure to be constructed
The eligible infrastructure that is to be constructed is described in Schedule 3.
8 Eligible costs to be met by levy
(1)
The eligible costs that are to be met by the levy are as follows:
(a)
the costs of the construction of the relevant eligible infrastructure that are set out in section 9(3) of the Act; and
(b)
the financing costs of the construction of the relevant eligible infrastructure that are set out in section 9(4) of the Act; and
(c)
the costs of the administration of the levy that are set out in section 9(5) of the Act; and
(d)
any further costs incurred by Te Awa Lakes Finance LP in complying with the Act and this order; and
(e)
the general operating costs of Te Awa Lakes Finance LP.
(2)
Subclause (1)(b) is subject to clause 25, which imposes limits on the return on the capital provided by holders of limited partnership interests in Te Awa Lakes Finance LP.
9 Levy period and its earliest commencement date
(1)
The levy period—
(a)
starts on 1 July 2027; and
(b)
ends on the close of 30 June 2057.
(2)
The first year of the levy period—
(a)
starts on 1 July 2027; and
(b)
ends on the close of 30 June 2028.
(3)
Accordingly, the earliest commencement date of the levy period is 1 July 2027.
10 Maximum amount of levy revenue
(1)
The maximum amount of levy revenue that may be collected under this order is $143,381,327.
(2)
However, the maximum amount of levy revenue may be reduced under section 52 of the Act (see clause 29).
11 Intended annual levy
(1)
The intended annual levy for each levy year is set out in Schedule 4.
(2)
However, the intended annual levy for each levy year may be reduced under clause 29.
12 Setting levy: leviable land
(1)
This order authorises a levy to be set for all leviable land in the levy area differentially for the following categories of land:
(a)
developed rating units (residential):
(b)
developed rating units (commercial):
(c)
undeveloped rating units.
Guidance note
Section 36 of the Act provides that land within a levy area is leviable under the Act to the extent that it is rateable under sections 7 to 9 of the Local Government (Rating) Act 2002.
(2)
For the purposes of section 32(2) of the Act, the categories of leviable land in subclause (1) are defined in terms of the following matters listed in Schedule 2 of the Local Government (Rating) Act 2002:
(a)
the use to which the land is put (item 1 of that schedule):
(b)
the area of land within the rating unit (item 4 of that schedule).
13 Setting levy: assessing liability
(1)
This clause and clauses 14 to 18 set out how liability for the levy is to be assessed for rating units.
(2)
The liability of rating units for the levy is to be assessed by taking the following steps:
(a)
first, taking the intended annual levy or the reduced intended annual levy for a levy year and calculating the annual levy for that year under clause 14:
(b)
second, calculating the developed rating unit levy allocation under clause 15:
(c)
third, if required, calculating the undeveloped rating unit levy allocation under clause 16:
(d)
fourth, calculating the developed rating unit levy for commercial rating units and residential rating units under clause 17:
(e)
fifth, if required, calculating the undeveloped rating unit levy under clause 18.
(3)
For the purposes of section 33(2) of the Act, the factors listed in Schedule 3 of the Local Government (Rating) Act 2002 to be used to assess liability for the levy are,—
(a)
in relation to developed rating units, the capital value of the rating unit (item 2 of that schedule); and
(b)
in relation to undeveloped rating units, the area of land within the rating unit (item 5 of that schedule).
14 Annual levy
For the purposes of subpart 3 of Part 2 of the Act, the annual levy for a levy year must be calculated by—
(a)
taking the intended annual levy for that year or a reduced intended annual levy for that year that has been notified in accordance with clause 29; and
(b)
adding or deducting any amount determined in accordance with clauses 19 to 21.
15 Developed rating unit levy allocation
(1)
The developed rating unit levy allocation must be calculated in accordance with the following formula:
d = z × b
where—
- d
is the developed rating unit levy allocation
- z
is the developed rating unit m2
- b
is the developed rating unit base rate as set out in Schedule 5 or, if the developed rating unit base rate has been recalculated under clause 29(6), the recalculated rate.
(2)
If the developed rating unit levy allocation calculated under subclause (1) exceeds the annual levy calculated under clause 14 and confirmed in the annual levy resolution for the levy year, the developed rating unit levy allocation must be reduced to that amount.
16 Undeveloped rating unit levy allocation
If the developed rating unit levy allocation is less than the annual levy calculated under clause 14 and confirmed in the annual levy resolution for the levy year, the undeveloped rating unit levy allocation must be calculated in accordance with the following formula:
t = a − d
where—
- t
is the undeveloped rating unit levy allocation
- a
is the annual levy calculated under clause 14 and confirmed in the annual levy resolution for the levy year
- d
is the developed rating unit levy allocation referred to in clause 15(1).
17 Assessing liability for developed rating unit (commercial or residential)
(1)
In this clause,—
(a)
subclause (2) applies to every developed rating unit (commercial) in the levy area, including any part of a developed rating unit that has a commercial rating unit categorisation:
(b)
subclause (3) applies to every developed rating unit (residential) in the levy area, including any part of a developed rating unit that has a residential rating unit categorisation.
(2)
The liability for the annual levy in each levy year for each commercial rating unit in the levy area must be calculated in accordance with the following formula:
c = (y × v) × 1.3
where—
- c
is the levy amount for each developed rating unit (commercial)
- y
is the developed rating unit levy rate calculated in accordance with subclause (4)
- v
is the capital value of the rating unit as at 30 June immediately preceding the levy year.
(3)
The liability for the annual levy in each levy year for each residential rating unit in the levy area must be calculated in accordance with the following formula:
r = y × v
where—
- r
is the levy amount for each developed rating unit (residential)
- y
is the developed rating unit levy rate calculated in accordance with subclause (4)
- v
is the capital value of the rating unit as at 30 June immediately preceding the levy year.
(4)
For the purposes of subclauses (2) and (3), the developed rating unit levy rate must be calculated in accordance with the following formula:
y = d ÷ (x + (w × 1.3))
where—
- y
is the developed rating unit levy rate
- d
is the developed rating unit levy allocation calculated under clause 15
- x
is the aggregate capital value of developed rating units (residential) as estimated by Te Awa Lakes Finance LP as at 30 June immediately preceding the levy year
- w
is the aggregate capital value of developed rating units (commercial) as estimated by Te Awa Lakes Finance LP as at 30 June immediately preceding the levy year.
(5)
If only a part of a rating unit has a commercial rating unit categorisation or a residential rating unit categorisation, only the capital value of that part must be used for the purposes of subclause (2) or (3), as the case may be.
(6)
In this clause,—
developed rating unit (commercial) means a developed rating unit that is also a commercial rating unit
developed rating unit (residential) means a developed rating unit that is also a residential rating unit.
Example
A residential rating unit has a capital value of $1 million. A commercial rating unit has a capital value of $2 million.
The annual levy for the levy year ending 30 June 2032 is $3,545,615. The developed rating unit base rate for the levy year ending 30 June 2032 is $11.82.
This example assumes the following:
| Developed rating unit m2 | 150,000 | |
| Aggregate capital value of residential rating units | $700 million | |
| Aggregate capital value of commercial rating units | $100 million |
The developed rating unit levy allocation is $1,773,000. This is calculated under clause 15 as—
150,000 × $11.82
The developed rating unit levy rate is $0.002136145. This is calculated under clause 17(4) as—
$1,773,000 ÷ ($700,000,000 + ($100,000,000 × 1.3))
Therefore, the total levy liability for the residential rating unit is $2,136.14 ($0.002136145 × $1,000,000) and the total levy liability for the commercial rating unit is $5,553.98 (($0.002136145 × $2,000,000) × 1.3).
18 Assessing liability for undeveloped rating unit
(1)
This clause—
(a)
applies if clause 16 requires the undeveloped rating unit levy allocation to be calculated for the levy year; and
(b)
applies to every undeveloped rating unit in the levy area.
(2)
The liability for the annual levy in each levy year for each undeveloped rating unit in the levy area must be calculated in accordance with the following formula:
u = (t ÷ s) × m
where—
- u
is the levy amount for each undeveloped rating unit
- t
is the undeveloped rating unit levy allocation calculated under clause 16
- s
is the undeveloped rating unit m2
- m
is the area in square metres of the rating unit as at 30 June immediately preceding the levy year.
Example
An undeveloped rating unit has a land area of 50,000 square metres.
The annual levy for the levy year ending 30 June 2032 is $3,545,615.
The developed rating unit levy allocation is $1,773,000. This is calculated under clause 15 as—
150,000 × $11.82
The undeveloped rating unit levy allocation is $1,772,615. This is calculated under clause 16 as—
$3,545,615 − $1,773,000
This example assumes the following:
| Total area in square metres of the undeveloped rating units in the levy area | 150,000 |
Therefore, the total levy liability for the undeveloped rating unit is $590,871.67 (($1,772,615.00 ÷ 150,000) x 50,000).
19 Annual reconciliation
(1)
During each relevant period, Te Awa Lakes Finance LP must carry out a reconciliation under this clause.
(2)
For the purposes of this clause, a relevant period—
(a)
starts when Hamilton City Council starts delivering invoices in respect of a levy year (year A) under section 72 of the Act; and
(b)
ends before Te Awa Lakes Finance LP sets the amount of levy for the next levy year after year A (year B).
(3)
Te Awa Lakes Finance LP must carry out a reconciliation for year A by taking the following steps:
(a)
first, it must start with the annual levy for year A (as confirmed in the annual levy resolution for that year):
(b)
second, it must subtract the total amount of all levies assessed to date in respect of year A under section 68 of the Act:
(c)
third, it must subtract any increases in levy assessments under section 68 of the Act for levy years before year A that are determined by the relevant person after the previous reconciliation under this clause was carried out:
(d)
fourth, it must add (as a positive number) any decreases in levy assessments under section 68 of the Act for levy years before year A that are determined by the relevant person after the previous reconciliation under this clause was carried out.
(4)
In subclause (3)(c) and (d), relevant person means—
(a)
Hamilton City Council; or
(b)
the monitor in the case of objections lodged under section 62 of the Act.
20 Annual levy for following year must take into account reconciliation
(1)
(2)
If the amount determined under clause 19 is negative, the amount (as a positive number) must be deducted under clause 14 when determining the annual levy for levy year B (that is, the annual levy for levy year B is reduced by the reconciliation amount).
Example
The annual levy for the year ending 30 June 2036 (year A) is $4 million.
At the time of the reconciliation for year A, a levy of $3.9 million has been assessed, and levy assessments for previous years have resulted in an increase of $0.25 million.
The reconciliation amount for year A is −$0.15 million ($4 million minus $3.9 million minus $0.25 million). The sum of the actual assessed amount and the reassessments for previous years exceeds the annual levy. The annual levy for the following year needs to be reduced to take this into account.
The intended annual levy for the levy year ending on 30 June 2037 (year B) is $4.1 million.
Under clause 14, the annual levy for year B is $3.95 million ($4.1 million minus $0.15 million).
21 Adjustment must not exceed maximum levy revenue
An adjustment under clauses 19 and 20 must not be made to the extent that it would result in the total of all levies assessed under section 68 of the Act in respect of the levy period exceeding the maximum levy revenue (taking into account any reduction under section 52 of the Act).
22 SPV that is entitled to levy
(1)
Te Awa Lakes Finance LP is the SPV that is entitled to the levy that is collected under this order.
(2)
Te Awa Lakes Finance LP is the responsible SPV.
23 SPV not responsible for construction of eligible infrastructure
Te Awa Lakes Finance LP is not responsible for the construction of the relevant eligible infrastructure.
24 Details of incorporation and ownership of Te Awa Lakes Finance LP
On the commencement of this order,—
(a)
Te Awa Lakes Finance GP Limited is the sole general partner of Te Awa Lakes Finance LP; and
(b)
IFF Holdings Limited is—
(i)
the sole limited partner of Te Awa Lakes Finance LP; and
(ii)
the sole shareholder of Te Awa Lakes Finance GP Limited; and
(c)
National Infrastructure Funding and Financing Limited is the sole shareholder of IFF Holdings Limited.
25 Limits on returns on capital
(1)
Te Awa Lakes Finance LP must ensure that the cumulative net equity cashflow in each period listed in table 1 of Schedule 6 does not exceed the equity cashflow cap for the corresponding period.
(2)
The equity cashflow cap for each period in table 1 of Schedule 6 (period A) is the aggregate of the following amounts:
(a)
the amount set out in table 1 of Schedule 6 for period A:
(b)
the amount (if any) determined in accordance with subclause (4) if subclause (3) applies.
(3)
Subclause (4) applies if—
(a)
Te Awa Lakes Finance LP refinances the NIFF debt, in whole or in part; and
(b)
as a result, Te Awa Lakes Finance LP’s annual debt service payments originally attributable to NIFF debt reduce.
(4)
The amount in subclause (2)(b) for period A must be determined in accordance with the following formula:
f = (o − p) ÷ 2
where—
- f
is the amount in subclause (2)(b) for period A
- o
is the original debt service amount, which is the sum of the amounts set out in table 2 of Schedule 6 for period A and all of the preceding periods
- p
is the post-refinancing debt service amount, which is the sum of the debt service amounts determined by Te Awa Lakes Finance LP as attributable to either or both of the following:
(a)
the NIFF debt for period A and all of the preceding periods:
(b)
any debt product entered into by Te Awa Lakes Finance LP to fully or partially refinance the NIFF debt for period A and all of the preceding periods.
(5)
For the purposes of this clause and Schedule 6,—
cumulative net equity cashflow means the total payments provided by Te Awa Lakes Finance LP to the holders of limited partnership interests in Te Awa Lakes Finance LP as at the end of each period listed in table 1 of Schedule 6 less the total capital injections by the holders of limited partnership interests in Te Awa Lakes Finance LP
NIFF debt means debt owed to a wholly owned subsidiary of National Infrastructure Funding and Financing Limited under a debt loan agreement.
26 Restricted change of control
(1)
This clause describes what change of control of Te Awa Lakes Finance LP constitutes a restricted change of control for the purposes of section 122 of the Act.
Guidance note
If a restricted change of control occurs, section 122 of the Act allows the monitor to direct Te Awa Lakes Finance LP not to pay any specified distributions to certain prohibited persons.
(2)
A restricted change of control of Te Awa Lakes Finance LP occurs if—
(a)
Te Awa Lakes Finance GP Limited ceases to be the sole general partner of Te Awa Lakes Finance LP; or
(b)
Te Awa Lakes Finance GP Limited remains the sole general partner of Te Awa Lakes Finance LP but ceases to be a wholly owned subsidiary of IFF Holdings Limited; or
(c)
IFF Holdings Limited ceases to be the sole limited partner of Te Awa Lakes Finance LP; or
(d)
IFF Holdings Limited remains the sole limited partner of Te Awa Lakes Finance LP but ceases to be a wholly owned subsidiary of National Infrastructure Funding and Financing Limited.
(3)
However, a restricted change of control of Te Awa Lakes Finance LP does not occur if the change referred to in subclause (2) occurs as a result of any of the following:
(a)
a permitted security enforcement:
(b)
the appointment of a Crown Manager under section 126 of the Act:
(c)
a change of control consented to in writing by the monitor.
(4)
In subclause (3)(a), permitted security enforcement means any of the following:
(a)
the appointment of a receiver, a receiver and manager, an administrator, a liquidator, or a similar official, in relation to Te Awa Lakes Finance LP or Te Awa Lakes Finance GP Limited:
(b)
the transfer of any partnership interests of Te Awa Lakes Finance LP, or shares of Te Awa Lakes Finance GP Limited, to a trustee or nominee that is owned or controlled by any party holding a security interest over the property of Te Awa Lakes Finance LP or Te Awa Lakes Finance GP Limited:
(c)
the transfer of any partnership interests of Te Awa Lakes Finance LP, or shares of Te Awa Lakes Finance GP Limited, to a third party on the enforcement of a security interest, where the monitor has not, within 20 working days after being notified of the proposed transfer, notified the holder of the security interest in writing that it objects to the proposed transfer on specified grounds of public interest.
27 Periodic forecasting of excess levy
(1)
Te Awa Lakes Finance LP must—
(a)
prepare a forecast of excess levy as at each forecast date; and
(b)
include details of the forecast in its annual report for—
(i)
the levy year that includes the forecast date; or
(ii)
the period ending on the close of 30 June 2027 (in the case of the first forecast).
(2)
Te Awa Lakes Finance LP must prepare the forecast of excess levy by taking the following steps:
(a)
first, adding its cash balances (as at the forecast date) to its forecast of the expected levy revenue to be received over the remaining levy period:
(b)
second, adding its forecast of the expected drawdowns of debt and equity funding over the remaining levy period:
(c)
third, subtracting the expected eligible costs to be incurred by Te Awa Lakes Finance LP over the remaining levy period, where the expected eligible costs are forecast on the basis set out in clause 28.
(3)
Te Awa Lakes Finance LP must complete each forecast of excess levy under this clause before it sets the amount of levy for the levy year following that forecast date.
(4)
Te Awa Lakes Finance LP must take all reasonable steps to ensure that the forecast is accurate.
(5)
In this order, forecast date means each of the following:
(a)
the date on which this order comes into force:
(b)
each 31 December during the construction of the eligible infrastructure if Te Awa Lakes Finance LP has received any revenue other than levy revenue and interest on cash balances in the relevant year:
(c)
the 31 December before the levy-setting process for the levy year immediately after completion of the construction of the relevant eligible infrastructure:
(d)
each subsequent 31 December during the levy period:
(e)
any additional date specified by Te Awa Lakes Finance LP to the monitor in writing.
28 Forecasting expected eligible costs
(1)
For the purposes of clause 27(2)(c), Te Awa Lakes Finance LP must—
(a)
estimate the eligible costs that it will incur based on its contracted operating costs, its projected debt service and equity distribution costs (subject to the limits set out in clause 25), and any other relevant information available to it at the time of the forecast (subject to subclause (2)); and
(b)
apply a reasonable estimate of non-payment of levies (if any) over the remaining levy period; and
(c)
assume that the cost of future refinancings equals 1% of the forecast debt balance at the point of refinance; and
(d)
assume that, following any future refinancing,—
(i)
if less than 50% of the leviable land in the levy area is forecast to be categorised as developed rating unit m2, the debt balances will attract a margin of 2.1% per annum above the relevant base rate:
(ii)
if between 50% and 99% (inclusive) of the leviable land in the levy area is forecast to be categorised as developed rating unit m2, the debt balances will attract a margin of 1.7% per annum above the relevant base rate:
(iii)
if 100% of the leviable land in the levy area is forecast to be categorised as developed rating unit m2, the debt balances will attract a margin of 1.45% per annum above the relevant base rate; and
(e)
assume that, following any future refinancing, swaps will attract a credit and execution margin of 0.16% per annum; and
(f)
apply a contingency of a specified percentage on forecast payments to debt holders to the extent required to meet Te Awa Lakes Finance LP’s commitments under any loan or obligations under any incidental arrangement.
(2)
For the purposes of the first forecast date, the construction costs comprised in the eligible costs to be incurred by Te Awa Lakes Finance LP must be assumed to be $50 million.
(3)
In subclause (1)(f), specified percentage means a percentage that is—
(a)
5% or more; but
(b)
no more than 15%.
29 Reduction in maximum levy revenue and intended annual levy
(1)
This clause applies if, at any forecast date, the amount of forecast excess levy determined in accordance with clause 27 is greater than $1.1 million.
(2)
Te Awa Lakes Finance LP must reduce the maximum levy revenue, in accordance with section 52 of the Act, by an amount that will ensure that the forecast excess levy does not (following the reduction) exceed $1.1 million.
(3)
To the extent that Te Awa Lakes Finance LP acts under section 52(2)(b) of the Act, it must—
(a)
make corresponding reductions to the amount of the intended annual levy that is used when calculating the annual levy under clause 14 (such that the total of the reduced intended annual levy used for the remaining levy years cannot result in the reduced maximum levy revenue being exceeded); and
(b)
recalculate the developed rating unit base rates in accordance with subclause (6).
(4)
Te Awa Lakes Finance LP must ensure that the notice to the monitor under section 52(3) of the Act includes the following:
(a)
the amount of the reduced maximum levy revenue:
(b)
the reduced intended annual levy (if any) that must be used when calculating the annual levy under clause 14 for the applicable remaining levy years, together with any updated schedule of the intended annual levy for those levy years:
(c)
the reduced developed rating unit base rates (if any) that must be used when calculating the developed rating unit levy allocation for the applicable remaining levy years, together with any updated schedule of the developed rating unit base rates for those levy years.
(5)
Following a reduction, Te Awa Lakes Finance LP must, in accordance with section 52(2) of the Act, ensure that the amount of levy set in later levy years does not cause the reduced maximum levy revenue to be exceeded.
(6)
For the purposes of subclause (3)(b), the developed rating unit base rates must be recalculated in accordance with the following formula:
b = g ÷ e
where—
- b
is the developed rating unit base rate
- g
is the reduced intended annual levy notified by Te Awa Lakes Finance LP to the monitor
- e
is,—
(a)
for the levy year commencing on 1 July 2027, 60,000 m2:
(b)
for the levy year commencing on 1 July 2028, 120,000 m2:
(c)
for the levy year commencing on 1 July 2029, 180,000 m2:
(d)
for the levy year commencing on 1 July 2030, 240,000 m2:
(e)
for each levy year from the levy year commencing on 1 July 2031 up to and including the levy year commencing 1 July 2041, 300,000 m2:
(f)
for each subsequent levy year, 285,000 m2.
30 Levies exclusive of GST
The levies and amounts set out in this order are exclusive of goods and services tax.
Schedule 1 Transitional, savings, and related provisions
Part 1 Provisions relating to this order as made
There are no transitional, savings, or related provisions in this order as made.
Schedule 2 Levy area
1 Levy area
The levy area is the sum of the areas specified in clauses 2 to 4.
2 Land included in levy area south and east of State Highway 1
The levy area includes the portions of the following land that are south and east of State Highway 1:
| Legal description | Record of title | Land area (more or less) in hectares | Land area (more or less) within levy area in hectares | |||
| Part Allotment 105, Parish of Horotiu | SA30C/689 | 18.0585 | 8.6068 | |||
| Lot 6 DP 12221, and Section 1 Survey Office Plan 482139 | 789960 | 7.7452 | 0.5 | |||
| LOT 102 DP 591339 | 1134665 | 11.2255 | 10.3866 | |||
| LOT 200 DP 563693 | 1002702 | 23.3164 | 17.5 |
3 Land included in levy area
The levy area includes the following land:
| Legal description | Record of title | Land area (more or less) in hectares | |
| Lot 3 DP 563693 | 1002696 | 3.9218 | |
| Lot 5 DP 563693 | 1002698 | 7.3444 | |
| Lot 6 DP 563693 | 1002699 | 3.9094 | |
| Lot 7 DP 563693 | 1002700 | 0.8922 | |
| Lot 8 DP 563693 | 1002701 | 1.7835 | |
| Lot 11 DP 591339 | 1134673 | 0.0417 | |
| Lot 12 DP 591339 | 1134666 | 0.0006 | |
| Lot 13 DP 591339 | 1134667 | 0.0007 | |
| Lot 14 DP 591339 | 1134668 | 0.0007 | |
| Lot 15 DP 591339 | 1134669 | 0.0014 | |
| Lot 16 DP 591339 | 1134670 | 0.0007 | |
| Lot 19 DP 591339 | 1134671 | 0.0002 | |
| Lot 105 DP 591339 | 1134672 | 1.594 |
4 Land included in levy area with specified areas excluded
(1)
The levy area includes the following land (excluding the areas specified in subclause (2)):
| Legal description | Record of title | Land area (more or less) in hectares | Land area (more or less) within levy area in hectares | |||
| Lot 101 DP 591339, Lot 103 DP 591339, Lot 104 DP 591339 | 1134664 | 3.5485 | 2.7633 |
(2)
The areas excluded from the levy area are—
(a)
the area of approximately 4,432 square metres within lot 103 DP 591339 enclosed by a line that—
(i)
commences at the point that is at −37.70997568, 175.2134871; and
(ii)
then proceeds generally north to the point that is at −37.70967401, 175.2132032; and
(iii)
then proceeds generally north-east to the point that is at −37.70959485 and 175.213199; and
(iv)
then proceeds generally east to the point that is at −37.7092295, 175.2138174; and
(v)
then proceeds generally east to the point that is at −37.70918112, 175.2139473; and
(vi)
then proceeds generally south-east to the point that is at −37.7091932, 175.2140101; and
(vii)
then proceeds generally south to the point that is at −37.70924665, 175.2140921; and
(viii)
then proceeds generally south to the point that is at −37.709475, 175.2143333; and
(ix)
then proceeds generally west to the point of commencement (−37.70997568, 175.2134871); and
(b)
the area of approximately 3,401 square metres within lot 104 DP 591339 enclosed by a line that—
(i)
commences at the point that is at −37.71048256, 175.2126547; and
(ii)
then proceeds generally north to the point that is at −37.71011328, 175.212309; and
(iii)
then proceeds generally north-east to the point that is at −37.71009731, 175.2123155; and
(iv)
then proceeds generally east to the point that is at −37.70977915, 175.2128539; and
(v)
then proceeds generally south-east to the point that is at −37.70980218, 175.2129429; and
(vi)
then proceeds generally south to the point that is at −37.71013146, 175.2132512; and
(vii)
then proceeds generally west to the point of commencement (−37.71048256, 175.2126547).
5 Indicative maps of levy area
The following maps are indicative only of the levy area described in clauses 1 to 4. If there is any inconsistency between a map and the description in clauses 1 to 4, the description prevails.
Schedule 3 Infrastructure to which this order applies
| Infrastructure project | Project description |
| Large stormwater lake, including wetlands | The series of works in relation to the construction of a large stormwater treatment lake, providing both water quality management and a recreational and visual amenity for residents. The project includes works to develop wetland areas for natural filtration. |
| Outfall to Waikato River | The final stage of stormwater treatment works to allow cleaned water to be released into the Waikato River via landscaped wetlands. |
| Main Road | The series of works in relation to the construction of the primary spine road through zones 1 to 4 of the Te Awa Lakes development connecting to Hutchinson Road. The project includes construction of a bridge or culvert crossing the stormwater lake. |
| Hutchinson Road upgrade | The series of works to upgrade Hutchinson Road, the main entrance to the Te Awa Lakes development, which will link to Te Rapa Road and the service centre. This project includes the construction of a new roundabout. |
| Pump station | The series of works to construct a pump station to service residential and employment development areas (Horotiu East North A and B and Horotiu East South) of the Te Awa Lakes development. |
| Wastewater rising main | The series of works to construct a pressurised pipeline system to transport wastewater from the pump station to the main sewer network. |
| Three waters for zones 1 and 2 combined | The infrastructure works to provide for the water supply, wastewater, and stormwater for zones 1 and 2 of the Te Awa Lakes development. |
Schedule 4 Intended annual levy
| Levy year ending 30 June |
Intended annual levy ($) |
|
|---|---|---|
| 2028 | 630,047 | |
| 2029 | 1,297,896 | |
| 2030 | 2,005,250 | |
| 2031 | 2,753,876 | |
| 2032 | 3,545,615 | |
| 2033 | 3,651,984 | |
| 2034 | 3,761,543 | |
| 2035 | 3,874,390 | |
| 2036 | 3,990,621 | |
| 2037 | 4,110,340 | |
| 2038 | 4,233,650 | |
| 2039 | 4,360,660 | |
| 2040 | 4,491,479 | |
| 2041 | 4,626,224 | |
| 2042 | 4,765,011 | |
| 2043 | 4,907,961 | |
| 2044 | 5,055,200 | |
| 2045 | 5,206,856 | |
| 2046 | 5,363,061 | |
| 2047 | 5,523,953 | |
| 2048 | 5,689,672 | |
| 2049 | 5,860,362 | |
| 2050 | 6,036,173 | |
| 2051 | 6,217,258 | |
| 2052 | 6,403,776 | |
| 2053 | 6,595,889 | |
| 2054 | 6,793,766 | |
| 2055 | 6,997,579 | |
| 2056 | 7,207,506 | |
| 2057 | 7,423,731 |
Schedule 5 Developed rating unit base rates
| Levy year ending 30 June | Developed rating unit base rate ($) |
| 2028 | 10.51 |
| 2029 | 10.82 |
| 2030 | 11.15 |
| 2031 | 11.48 |
| 2032 | 11.82 |
| 2033 | 12.18 |
| 2034 | 12.54 |
| 2035 | 12.92 |
| 2036 | 13.31 |
| 2037 | 13.71 |
| 2038 | 14.12 |
| 2039 | 14.54 |
| 2040 | 14.98 |
| 2041 | 15.43 |
| 2042 | 15.89 |
| 2043 | 17.23 |
| 2044 | 17.74 |
| 2045 | 18.27 |
| 2046 | 18.82 |
| 2047 | 19.39 |
| 2048 | 19.97 |
| 2049 | 20.57 |
| 2050 | 21.18 |
| 2051 | 21.82 |
| 2052 | 22.47 |
| 2053 | 23.15 |
| 2054 | 23.84 |
| 2055 | 24.56 |
| 2056 | 25.29 |
| 2057 | 26.05 |
Schedule 6 Limits on returns on capital
Table 1: limits on returns on capital
Note: An amount in brackets is a negative amount.
| Period | Amount ($) | |
|---|---|---|
| Date of commencement of this order to 30 June 2026 | (924,086) | |
| 1 July 2026 to 30 June 2027 | (924,086) | |
| Levy year ending 30 June 2028 | (924,086) | |
| Levy year ending 30 June 2029 | (924,086) | |
| Levy year ending 30 June 2030 | (924,086) | |
| Levy year ending 30 June 2031 | (924,086) | |
| Levy year ending 30 June 2032 | (924,086) | |
| Levy year ending 30 June 2033 | (924,086) | |
| Levy year ending 30 June 2034 | (924,086) | |
| Levy year ending 30 June 2035 | (924,086) | |
| Levy year ending 30 June 2036 | (924,086) | |
| Levy year ending 30 June 2037 | (924,086) | |
| Levy year ending 30 June 2038 | (924,086) | |
| Levy year ending 30 June 2039 | (924,086) | |
| Levy year ending 30 June 2040 | (924,086) | |
| Levy year ending 30 June 2041 | (924,086) | |
| Levy year ending 30 June 2042 | (924,086) | |
| Levy year ending 30 June 2043 | (924,086) | |
| Levy year ending 30 June 2044 | (924,086) | |
| Levy year ending 30 June 2045 | (924,086) | |
| Levy year ending 30 June 2046 | (924,086) | |
| Levy year ending 30 June 2047 | (924,086) | |
| Levy year ending 30 June 2048 | (924,086) | |
| Levy year ending 30 June 2049 | (924,086) | |
| Levy year ending 30 June 2050 | (924,086) | |
| Levy year ending 30 June 2051 | (924,086) | |
| Levy year ending 30 June 2052 | (924,086) | |
| Levy year ending 30 June 2053 | (924,086) | |
| Levy year ending 30 June 2054 | (924,086) | |
| Levy year ending 30 June 2055 | (924,086) | |
| Levy year ending 30 June 2056 | (924,086) | |
| Levy year ending 30 June 2057 and following | 8,637,832 |
Table 2: schedule of forecast debt payments
| Period | Amount ($) | |
|---|---|---|
| Date of commencement of this order to 30 June 2026 | ||
| 1 July 2026 to 30 June 2027 | ||
| Levy year ending 30 June 2028 | ||
| Levy year ending 30 June 2029 | ||
| Levy year ending 30 June 2030 | ||
| Levy year ending 30 June 2031 | 462,071 | |
| Levy year ending 30 June 2032 | 1,867,857 | |
| Levy year ending 30 June 2033 | 1,917,537 | |
| Levy year ending 30 June 2034 | 1,963,594 | |
| Levy year ending 30 June 2035 | 2,062,830 | |
| Levy year ending 30 June 2036 | 2,155,471 | |
| Levy year ending 30 June 2037 | 2,585,759 | |
| Levy year ending 30 June 2038 | 2,405,805 | |
| Levy year ending 30 June 2039 | 2,478,056 | |
| Levy year ending 30 June 2040 | 2,552,306 | |
| Levy year ending 30 June 2041 | 2,629,129 | |
| Levy year ending 30 June 2042 | 3,013,718 | |
| Levy year ending 30 June 2043 | 2,789,411 | |
| Levy year ending 30 June 2044 | 2,872,990 | |
| Levy year ending 30 June 2045 | 2,959,462 | |
| Levy year ending 30 June 2046 | 3,048,336 | |
| Levy year ending 30 June 2047 | 3,390,499 | |
| Levy year ending 30 June 2048 | 3,233,958 | |
| Levy year ending 30 June 2049 | 3,331,292 | |
| Levy year ending 30 June 2050 | 3,431,331 | |
| Levy year ending 30 June 2051 | 3,534,373 | |
| Levy year ending 30 June 2052 | 3,787,227 | |
| Levy year ending 30 June 2053 | 3,749,831 | |
| Levy year ending 30 June 2054 | 3,862,436 | |
| Levy year ending 30 June 2055 | 3,978,421 | |
| Levy year ending 30 June 2056 | 4,347,142 | |
| Levy year ending 30 June 2057 |
Rachel Hayward,
Clerk of the Executive Council.
Explanatory note
This note is not part of the order but is intended to indicate its general effect.
This order, which comes into force on 21 April 2026, authorises the use of a levy for the purpose of funding certain costs relating to the Te Awa Lakes urban development project in the northwest of Hamilton.
The purpose of the Infrastructure Funding and Financing Act 2020 (the Act) is to provide a funding and financing model for the provision of infrastructure for urban development that—
supports the functioning of urban land markets; and
reduces the impact of local authority financing and funding constraints; and
supports community needs; and
appropriately allocates the costs of infrastructure.
The maximum amount of levy revenue that may be collected under the order is $143,381,327 plus goods and services tax.
The order authorises the levy to be set for all leviable land in an area set out in Schedule 2 of the order. It authorises the levy to be set differentially for developed residential rating units, developed commercial rating units, and undeveloped rating units.
The levy must be paid by ratepayers of those rating units. Those ratepayers are levypayers under the Act.
The levy is payable over a levy period that starts on 1 July 2027 and ends on 30 June 2057 (but that period may be reduced under section 52 of the Act).
The special purpose vehicle that is entitled to the levy that is collected under this order is Te Awa Lakes Finance LP. Clause 24 sets out details of the incorporation and ownership of that limited partnership.
The Act provides for the assessment, invoicing, and collection of the levy. In summary,—
Hamilton City Council (as the responsible levy authority) must assess the levy to be paid by levypayers in accordance with this order (see section 68 of the Act):
Hamilton City Council must give to a levypayer notice of the levypayer’s liability for the levy and must deliver to a levypayer a levy invoice (see sections 70 and 72 of the Act):
various provisions of the Local Government (Rating) Act 2002 apply to a levy assessment and a levy invoice (see section 73 of the Act) and to the collection of the levy (see section 74 of the Act). That is, the levy is payable in a similar manner to rates.
Date of notification in Gazette: 24 March 2026.
This order is administered by the Ministry of Housing and Urban Development.
Versions
Infrastructure Funding and Financing (Te Awa Lakes Project Levy) Order 2026
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