Friday, January 23, 2009

The Dirt on the Port Mann

The Vancouver Sun has a very detailed article about the state of P3’s (Public Private Partnerships) in BC. As you know, the Port Mann/Highway 1 expansion project is having a hard time securing funding due to the financial meltdown. Well, I saw this quote in the article and I just had to comment:

Doherty wonders what will happen if fewer people than anticipated pay tolls to use the Port Mann expansion.
This summer, before the financial meltdown hit it mainstream, I had the chance to look at a confidential document shown to me by a source at a well respected firm involved in operating and building P3 projects. This document did an analysis on the financial viability of the Port Mann project. The document stated that the revenue projections from the BC government were higher than their number. It concluded that this project was not worth bidding on.

It comes as no surprise that the government is having a hard time finding a funding partner. If the revenue projections from this project didn’t make sense before the meltdown, it certainly doesn’t make sense now. Rumour on the street is that the province might be funding the Port Mann project 100%. I’m scared that the Evergreen Line is going to get lost with all the P3 funding issues. Given the choice between the Evergreen Line and the Port Mann expansion, well, I’d go for the Evergreen Line.

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