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Old Posted Mar 27, 2014, 6:11 PM
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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.

http://www.edmontonjournal.com/news/...814/story.html


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(http://www.edmontonjournal.com/news/...?size=620x400s)


(http://www.edmontonjournal.com/news/...?size=620x400s)
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