New Westminster is doing its damnedest to ensure that casino cash doesn’t go to waste.
Back in 2007, the city signed an agreement with the provincial government, the B.C. Lottery Corporation and a casino operator as part of the city’s decision to allow a destination casino in New Westminster. The development assistance compensation (DAC) agreement provided the city with up to $60.5 million for five priority projects in the downtown and Queensborough neighbourhoods.
The city has already used DAC funds parkland improvements in Queensborough, construction of Anvil Centre and an expansion of Queensborough Community Centre. The other two DAC projects were a Queensborough/waterfront pedestrian crossing and riverfront dock and facility improvements.
Mayor Jonathan Cote said the city has been given permission to use the DAC funding earmarked for the Q2Q pedestrian/cyclist crossing for other projects. Upon learning the Quayside to Queensborough crossing would cost $39.1 million, the city put the project on hold because of costs.
“We have been given flexibility to be able to use that funding for improvements along the riverfront,” Cote said. “Our strategy has been to use that funding to work on the Q2Q ferry project, but also to potentially use that funding to fund the connection between Sapperton Landing and Westminster Pier Park.”
The original DAC agreement outlined the dates each of the five priority projects must be completed by in order to receive the funds. The city must spend the remaining DAC funds by 2020.
“I believe we are in the range of $5 to $6 million,” Cote said of the remaining DAC funds. “It’s money the city will definitely want to take advantage of and not have expire.”
Last week, city council endorsed a conceptual design for a riverfront connection between Sapperton Landing and Westminster Pier parks that includes extensions to both parks and a floating bridge section. Along with the DAC funding, the city is hoping that TransLink and Metro Vancouver may contribute funds to the project.
Colleen Ponzini, the city’s acting chief financial officer, said the DAC funds are dependent on the casino achieving its targets by 2019, which appears to be on track. If that’s the case, she said the city would have about $5.8 million to put toward the Q2Q ferry and waterfront improvements.
“The ferry improvements in the budget requests I’ve seen, that have not been finalized yet, plan to use $750,000 on the ferry and the remaining $5 million for the waterfront project,” she wrote in an email to the Record.
