milkycontent
Active Member
Except, for, you know, the report which was submitted to council in February of this year..
Over $500 million has already been spent by the city on Gardiner East.
None of what I am saying is an "uninformed opinion". At all.
Gardiner East "hybrid" was estimated to have a capital cost of $414 million and $505 million for operations and maintenance over the anticipated 100-year lifecycle. So a total of $919 million.
Gardiner east "removal" was estimated to have a cost of $326-million in up front in capital costs and $135-million for operations and maintenance costs over the anticipated 100-year lifecycle. So a total of $426 million.
So sure, Removal would have saved $458 million, over 100 years. But we have already spent $350 million+ now which would be "throwaway".
Returning to the "hybrid" option would likely increase short term capital costs as there was only a difference of $88 million in up front capital costs between the two.. Lots of cost escalation has occurred since then increasing costs, but I imagine not so much as to offset the $350 million we would be throwing away by switching now.
The city has made the decision on the matter. The city has spent hundreds of millions on it, including roughly half of the entire Gardiner East project. It's literally half-built. Switching now would throw away all of money spent so far, and negate the original cost savings of demolition.
This accounting fails to consider the value of the land that would be freed up as well as the property taxes that land would generate in perpetuity. Not to mention the massive improvement to the public realm we would gain. That's what you're paying for.
Quibbling over sunk costs on the big ugly road is penny wise and pound foolish. The best time to do the right thing was yesterday. The second best time is now.