Green Line Funding - Questions Still Unanswered

Posted by Kamil Lalji on Wednesday, June 28th, 2017 at 2:27pm.

Our favorite topic of the day/week/month/year/decade... Calgary’s Green Line project has some new updates! Don’t get exited just yet, as we said before and we will say again, nothing is ever set in stone.
 
 
Today’s news comes straight from city council. On Tuesday, council passed a vote 12-3 approving the green line route and stations despite raised concerns with project costs and funding. Mac Logan, the city’s general manager of transportation stating “This line will shape the city for over a century. I’m absolutely sure of that.”
 
What’s next? Ward 12 Councillor, Shane Keating, claims the province was waiting for this vote before making any commitments to help fund the project. With Nenshi claiming that indicators from the province have been positive, he stated that provincial representatives “really see the benefits of the Green Line, and they’re thinking hard about how to make it work.”
 
City officials are on their toes, hopeful the province will show their support for the project by making a funding announcement sometime soon. Logan stating that the city will have to “completely rethink this project and come back to [city officials] with an alternative project,” if the province chooses not to provide funding.
 
Logan’s concern does have merit as rumors spread the province may not have any money left to give. With recent budgeting moving the city’s 44 percent self-imposed debt up to 78 percent, panic is already setting in for some. 
 
Keating, acting as Calgary’s white knight, has put a motion forward to investigate ways to expand the first phase of the green line without going over budget, ultimately looking into alternative contractors and procurement plans.
 
“This is not about cutting corners … it’s about who can come to the table and give us more than what we’re asking for,” Keating said.
 
With council voting to refer Keating’s pitch to city administration, more amendments to the Green Line project could be proposed sooner than we think. 
 

Note for investors: Transit oriented development (TOD) is a walk able, mixed-use form of area development typically focused within a 600m radius of a primary transit station. The Green Line station approval means the city will commit to higher density development in these areas to make transit convenient for people and encourage ridership. What does this mean for you? Properties near the approved transit stations bought today could increase in value substantially over the coming years. Looking for an investment? Contact us today.

 

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