City Centre Airport re-development costs worry Edmonton councillors
BY GORDON KENT, EDMONTON JOURNAL
EDMONTON - The city could spend more than $150 million on the Blatchford development by 2016 and not break even for another 20 years, a new report shows.
Cash flow estimates, based on an undisclosed development scenario, show the sustainable community at the former City Centre Airport producing a $200-million profit by 2038.
But the project’s finances still worry Coun. Michael Oshry.
“I have some significant concerns that the methodology we have to build this out; it’s really risky; it’s hundreds of millions of dollars,” he said Wednesday.
“I don’t want to be here in four years, eight years … and say ‘We’re out $500 million.’ ”
He questioned why the city, which usually oversees development rather than doing the job itself, is running such a huge project.
“I’m concerned we’re taking a group of 20 referees and making a hockey team, and they’re expected to win the Stanley Cup.”
Blatchford is intended to be a North American showcase for green development, with large stormwater lakes used to irrigate parkland, community gardens and LRT.
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