N.S. touts convention centre benefits
The province released some details about developer Rank Inc.'s proposal on Wednesday.
The convention centre would be three times the size of the current World Trade and Convention Centre. It's expected to cost $159 million to build and $2.9 million each year to run.
That total capital cost includes $119 million for construction, $21 million for engineering and design and $19 million for interim financing.
"There has been no final decision," said Transportation and Infrastructure Renewal Minister Bill Estabrooks.
"We need to make sure this is the right project for the right time, and when the time is right, we'll be making that announcement," he told reporters Wednesday.
If the project is approved, construction would begin in March 2011, and the centre would aim to be open by Jan. 1, 2015. The convention centre also includes a hotel and financial centre, to be paid for entirely by the developer.
Senior Infrastructure Renewal official Jane Fraser said the province and the city would pay capital lease costs over 25 years. Those payments would start in 2014, when the majority of the building is expected to be complete.
The federal government does not cover interim financing costs, Fraser said, so the province hopes it will cover one-third of the construction and design costs, or close to $47 million. The province and Halifax Regional Municipality would split the remaining cost, and pay about $57 million each.
Benefits touted
Scott Ferguson, CEO of Trade Centre Limited, the Crown corporation that operates the existing convention centre, said the costs of the project would be offset by increased economic activity from more business.
"There's a significant tax benefit and job benefit to this business," Ferguson told reporters."A net gain of 12,000 jobs and over $79 million in tax revenue over a 10-year period."
While the government touted the benefits of a new convention centre, it stopped short of giving the green light for the project.
Estabrooks said the cabinet has not made up its mind.
"They would like to have a few more days, weeks or months so they can feel as comfortable as I do with the information," he said.
Supporters say the current facility is losing business to larger convention centres. The province didn't say Wednesday what would happen to the WTCC.
"We did support the need and we still do," said Karen Casey, a Progressive Conservative MLA. "I believe there's enough information, based on what we heard here, and what the government has had through their consultation, that it's now up to the government to make a decision, and to make it sooner than later."
Liberal MLA Andrew Younger said he believes the provincial government has already decided to go ahead with the project, and is simply not saying so.
"To have this continue on and on again, it hurts the reputation of Nova Scotia," he said.
Neither the city nor the federal government have made a firm commitment to the project. The provincial government's decision is expected later this year.