The minutes of the most recent Board Meeting of Auckland Council Investments Limited recorded under Item 6
“Auckland Film Studios
The Board noted that AFSL had been successful in having the valuation of the property for rating purposes reduced from$12.9m to $9.15m.
The Board noted that PWC had been asked to prepare a report for ACIL outlining the economic impacts of film studios.”
AFSL is a company entirely owned by Auckland ratepayers with paid up capital of $13.5m. When Tony Tay Film Limited’s share of AFSL was purchased by Auckland Council for $1.5m in August 2011, Gary Swift, Chief Executive of ACIL said “We have decided it’s a good investment and we will be 100 per cent owners, which is what it used to be when the Waitakere City Council started it in 2002. The price is a significant discount to the value of underlying asset.”