The last figure by the City of Port Coquitlam for the Coast Meridian Overpass was pegged at $98.7 million and that is now up 34% to $132 million.
It was known that cost was going up. Really, all construction in BC is over budget.
During a Council meeting question period a few months back I asked if they could share the projected figure “just between you and me” (insert laughter for my witty remark). The response was that for each month delay the cost was going up by $700k to $1 million. So really this figure is not a surprise to those who have been following the project but I can guarantee that for the other 99.9% of PoCo folks, this cost will be shocking.
While there is no arguement the movement of traffic in the area needs improvement the question is – should this traffic solution be built at this cost in this area? A few years ago when I was on the Official Community Plan (OCP) Task Force I made the comment that I would be uncomfortable if the project ever went to $100 million. Yep – feeling a bit uncomfortable, but want to see the full details of the project before passing further judgement.
Here is a short bit of the article up on the Tri-City News website:
According to city documents released Friday, the city plans to hike property taxes by 2.4% over the next two years — about 1.2% in each of 2008 and 2009 — to pay for the Coast Meridian Overpass (CMO), a north-south viaduct spanning the CP Rail yard that’s aimed at easing the city’s current gridlock and accommodating future development in northeast Coquitlam.
That translates to $28 more next year and an additional $27 in 2009 for an owner living in a home assessed this year at $440,673.
The city said it doesn’t anticipate the bill to go any higher as the design-build contract is a fixed price.
The full article can be found HERE.
I am looking forward to the Open House on December 6th at the Hyde Creek Community Centre. I am quite sure it will be well attended.
why is scott young signing the documents for this overpass. he’s a legend in his own mind.
I think Poco was just a little too eager to pay whatever it took to build this overpass. There appears to be a perception that it will solve all traffic congestion issues and even those to come (e.g. building a huge highrise next to Lion’s Park in an already congested area). I mistrust “silver bullets” as they always turn out much less than expected.
However its too late as current and past council pushed through the plan. Future councils and Poco taxpayers will get to deal with the burden of the huge loan.
Good luck in keeping tax increases down to a maximum of 5%, Dave, as you pledge in your compaign for Poco council. I predict to do that would require a cut in some very essential services which are already thin (e.g. police, fire, fitness/recreation, infrastructure).