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Auckland Mayor��Wayne Brown��has binned plans for a long-term lease for��Port of Auckland��after brokering a $1.1 billion deal with port bosses and the Maritime��Union��to maintain the status quo.����

Brown today backed away from the lease he championed after failing to get sufficient support around the council table for a 35-year lease to a global port operator.����

The mayor had said sticking with the status quo had costly risks for��ratepayers.����

This morning Brown announced the new plan will see Port of Auckland contribute $1.1b in profits to its��council owner��over the next 10 years, exceeding the projected returns from��investing��the projected $172 million proceeds of a port lease.��

The plan was signed by Brown, Port of Auckland board chairwoman Jan Dawson and Maritime Union general secretary Grant Williams.��

The plan is expected to be approved by councillors.��

“By trade, I’m an engineer. I solve problems. We looked at a couple of options to improve returns and this is the best solution,” said Brown.��

“This plan reflects my commitment to get better value and better returns from our strategic assets, and strengthen the council’s long-term financial position. These higher returns will require increased port charges and improvements in productivity, and all parties are supportive of this.”��

Dawson said: “The port company welcomes the mayor’s plan, as it provides a clear direction and certainty for the port staff, our customers and the community. We are pleased to enter into a tripartite arrangement with our owner and our unions, as together, we will continue to deliver for the people of Auckland.”��

More to come...��

This article was originally posted on the NZ Herald .��