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| Latest Christchurch News | Friday May 4 2012 14:52
The Canterbury Earthquake Recovery Authority has spent nearly $60 million demolishing earthquake damaged buildings.
The initial amount CERA received was $45 million, with a further $5 million for property purchase in the CBD.
As more buildings required demolition, building owners requested CERA act as their agent and manage the demolition.
Because of that in October last year another $50 million was added, and in March this year $20 million was transferred to the demolition fund, making a total of $115 million.
CERA revealed this morning $59.84 million of the $115 million dollars has been spent, with $15 million on account with building owners, which is expected to be recovered.
Photo: Damaged shopfronts after the quake in Christchurch (Getty Images)
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