ADRM
Senior Member
Without knowing exactly what was said on the news report, I'm not sure any of that is news beyond what has been previously reported.
The province's $150M funding envelope was intended to get the project to shovel-ready, and we knew this staff report was coming.
The mayor's office expects to get at least $4B from the federal government, but it's unclear how much of that would or could be dedicated to the relief line. That's not new, either.
We also won't know final costs until 2019, and Peter Wallace confirmed this week that the city has neither the money currently available, nor the capacity to add additional debt, to finance its portion of the cost for this. So, if the feds come through with their 40% of the total cost, and if the province pledges somewhere around 40% as a pre-election promise (a not unsubstantial "if" given how Tory is going about his relationship with them right now), and if we assume the cost doesn't increase significantly beyond the current estimate ($6.8B), then the city still has to come up with a new revenue tool to raise its ±20%.
So, unfortunately, we're not there yet. Too many "ifs" to be anything close to celebrating right now.
The province's $150M funding envelope was intended to get the project to shovel-ready, and we knew this staff report was coming.
The mayor's office expects to get at least $4B from the federal government, but it's unclear how much of that would or could be dedicated to the relief line. That's not new, either.
We also won't know final costs until 2019, and Peter Wallace confirmed this week that the city has neither the money currently available, nor the capacity to add additional debt, to finance its portion of the cost for this. So, if the feds come through with their 40% of the total cost, and if the province pledges somewhere around 40% as a pre-election promise (a not unsubstantial "if" given how Tory is going about his relationship with them right now), and if we assume the cost doesn't increase significantly beyond the current estimate ($6.8B), then the city still has to come up with a new revenue tool to raise its ±20%.
So, unfortunately, we're not there yet. Too many "ifs" to be anything close to celebrating right now.