MONDAY 28 April 2003
The Government has given a $2-million tick of approval to the Manawatu
The project - a joint effort between the Palmerston North City Council, Massey
University and the region's Crown Research Institutes - has approval in
principle from Industry New Zealand.
Spokesman Mike Booker said the contract still needed to be ratified, but the
Industry New Zealand board had given the project the go-ahead.
The centre would see the Manawatu become the plant technology capital of New
Zealand. It includes the "business incubator" concept for the nuturing of
The $2 million funding comes from the Government's Major Regional Initiative
Palmerston North City Council is putting $591,000 into the centre, which will be
based at Massey University.
The university is contributing the building, the former Practical Teaching
Complex on campus. Other contributions from the university or the CRIs have yet
to be announced.
Dave Gaynor has been appointed as project manager. He was formerly with
Fitzherbert Rowe Business Development.
The centre is projected to become financially self-supporting in its third year,
when rental income should reach $250,000 a year. That would represent 23 tenants
and 90-percent occupancy.