It’s full steam ahead for 23 major municipal infrastructure projects as the city announced it struck a new deal with the province to continue with previously approved plans.
Calling it a “win-win” situation for taxpayers, Mayor Dave Bronconnier was singing a different tune than after the 2010 provincial budget, which was announced without promised Municipal Sustainability Funding.
“This is … very positive; it’s a win for taxpayers, a win for Calgary … and a win for a province who said, ‘Yes, we can sit down and work with Calgary,’” Bronconnier said yesterday.
Under the new deal, the city will pay seven per cent interest instead of the original five per cent, which will equate to an additional $45 million in interest, according to Bronconnier. But he said it’s a small price to pay for much-needed infrastructure.
“I don’t see any merits in paying a whole pile of money to lawyers and litigation, and I would rather see it going to concrete building at LRT stops,” Bronconnier said, adding that the city would have been on the hook for $140 million in broken agreements.