Christchurch's former mayor is welcoming the Government's plan to hand over the city's assets following the earthquakes

The Global Settlement proposes the Crown retains ownership of the Convention Centre.

The council would own the Metro Sports facility, arts precinct and residential red zone.

Sir Bob Parker was mayor during the earthquakes.

He says at first glance, the settlement vindicates the principles and intentions of the original cost share agreement.

Parker says ratepayers won't be underwriting the convention centre operating costs, which there'd been concern over.