Mann private-financing woes embolden NDP
Michael Smyth, the Province’s “provincial affairs” columnist decides that this week’s PM2H1 story has a political angle. He does not, of course, look at the vices or virtues of the project itself but concentrates on what mileage the NDP may be able to get out of it tomorrow. Because you cannot ask questions on Saturdays. (I did not know that)
“It’s absolutely an issue we’ll be raising,” acting NDP house leader Adrian Dix said yesterday, reacting to news that Australian toll-booth operator Macquarie Group is having trouble coming up with cash for the bridge, which was supposed to start construction by May.
There are actually some real issues here that the opposition should rightfully be able to raise not the least of which is the new estimate of how much the project will cost. My friend Eric does a great job on this
Who does Highways Minister Kevin Falcon think he is fooling?
The U.K. business publication Project Finance reports the Port Mann freeway expansion needs $2.3 billion in financing, yet Falcon says it will only cost over $1 billion.
In 2004, Falcon said the freeway project would cost $800 million, so the project is now $1.5 billion over budget. At $2.3 billion, it is nearing three times the original estimate.
Borrowing $2.3 billion ($1,400 per B.C. household) for a freeway most Metro Vancouver residents and local governments oppose may not worry Gordon Campbell or Falcon. But we should all be worried about politicians who try to mislead the public.