City to borrow $4 million to prepare for development
By HEATHER MCLAUGHLIN
mclaughlin.heather@dailygleaner.com
Published Saturday May 26th, 2007
Appeared on page A3
Fredericton is doing all it can to be ready to build a needed downtown convention centre and parking garage, says Mayor Brad Woodside.
While the city is still awaiting word from the federal government on co-funding of the $15-million project in partnership with the city and provincial Liberals, the city isn't sitting still.
"We are going to be in a state of readiness," said Woodside.
Earlier this week, city councillors directed finance staff to borrow $1 million for the east-end-development project. The money is to be used for site preparation and design work.
It is part of $4 million in funding that the city planned to spend this year on the development of the convention centre.
The city goes to the municipal capital borrowing board June 11 to seek permission to borrow its first $3 million for the project. That money goes toward buying land from the provincial government and from the DiGiacinto family needed for the convention-centre development.
The city will apply for the $1-million loan later this summer.
The city wants to build a convention centre attached to The Playhouse and construct a third parking structure downtown.
The provincial government is looking at the project's potential to include an office component, as it needs to look at a replacement for its Centennial Building offices.
ADI Ltd. has prepared a space-needs study for the convention centre.
"This downtown revitalization project is extremely important for the economic well-being and future of the community," Woodside said.
The mayor said local events are often sold out and space for larger conventions and events in the capital city doesn't exist.
"There's no doubt about the demand," the mayor said.
"We continue to pursue all avenues of funding, including the federal government, and we look forward to pursuing and delivering this project to the people of Fredericton."
Woodside said the business community is equally anxious to see the convention centre become a reality. They have written letters of support to government officials, endorsing the project, he said.