The council voted 8-7 yesterday not to develop a business case into ceding control of assets to investment company Christchurch City Holdings Ltd, which oversees of city assets valued at $5.8b.
The issue of whether to sell or not sell is now likely to go out for public consultation midway through next year.
CCHL is a city council company which owns 100 per cent of Lyttelton Port Company, City Care, fibre broadband provider Enable and Eco-Central, 75 per cent of the airport, and 89 per cent of Orion.
Yesterday’s vote showed the clear divide between councillors over the issue.
Councillors who voted in favour of progressing the business case were Aaron Keown, Victoria Henstock, Tim Scandrett, Mark Peters, Phil Mauger, Kelly Barber and James Gough.
Those against were Jake McLellan, Andrei Moore, Tyla Harrison-Hunt, Melanie Coker, Pauline Cotter, Tyrone Fields, Yani Johanson and Celeste Donovan.
The left leaning are arguing the assets should stay in council hands so dividends from the companies continue to offset rates rises into the future; the other camp believes they could be managed differently and/or sold off to offset expected large rates rises in the coming years.
Two councillors, Sam McDonald and Sara Templeton, could not vote because they are directors of CCHL.
In September, The Star asked readers for their views on the asset sale debate. The overwhelmingly response was the city’s silverware should not be sold or partially sold.
