Because approvals for aquaculture development take place under the Resource Management Act 1991, aquaculture settlement obligations are determined by region, based on regional councils’ and unitary authorities’ boundaries.
For the pre-commencement phase, the Crown and Iwi worked together to look at what water space was consented for development between 22 September 1992 to 31 December 2004, determined the value of that water space, and then reached agreement on a package of settlement assets that covered those obligations.
For the interim Aquaculture Management Area (AMA) phase, Iwi were given authorisations to apply for resource consents for a representative 20 per cent of aquaculture space in any approved AMA at the same time as its approval.
For the new space phase, the Crown and Iwi have worked together to forecast expected aquaculture growth between 1 October 2011 to 31 December 2035 and then a valuation model was built for each species that considered the timing of development and variations in regional costs. This model was refined and agreed between the Crown and Iwi and was used to determine the overall financial equivalent that iwi would receive in 2015 for the various regional settlements if cash was taken. The Crown and Iwi have since worked together to determine how Iwi want to receive their settlement assets – as authorisations for space inside an Aquaculture Settlement Area (if established, these areas give Iwi the exclusive right to apply for consent for aquaculture activities within that space), cash or a combination of both.