Transfer of Assets from Katolyst Trust

​Consultation on this has now closed.

Submissions, Hearings and Decisions

Consultation on the Transfer of Assets from Katolyst Trust was open from 1 June to 1 July 2013. Two submissions were received and hearings were held on the 16th July 2013 by Council's Finance and Monitoring Committee.

The following document provides a copy of those submissions made, with Committee decisions outlined below:

Summary of Committee decisions:

  • Council proceed with the transfer of assets from Katolyst Trust to Council as proposed in the publically consulted Statement of Proposal,
  • Katolyst be advised of the acceptance of the offer, and the Deed of Transfer be executed,
  • Innovation Waikato Ltd (IWL) and Waikato Innovation Park Ltd (WIPL) be recognised as Council Controlled Organisations under the Local Government Act 2002.

These decisions are to be ratified by Council at its meeting on 15 August, and will mean that Waikato Innovation Park Ltd and net assets to the value of approximately $8.8 million will be vested with the Council.  The Council already owns 19.8 per cent to the value of $2.2 million. All income or any future sale proceeds derived from the assets transferred to Council must be used exclusively for charitable purposes that provide community benefit. The entities owned by Katolyst will become Council Controlled Organisations.

For further information

For further information please contact the Strategy and Research Unit Reception on 07 838 6537.

Page reviewed: 15 Apr 2016 3:28pm