For immediate release
Monday, December 6th, 2010
HRM Staff Convention Centre Financial Projections Raise Serious Concerns
(Halifax) The Coalition to Save the View is concerned that a November 9th HRM staff report and presentation to Council on the financial projections for the proposed P3 convention centre in downtown Halifax inflated potential revenues and underestimated potential costs. This incorrect information was the basis on which Councilors voted to begin negotiations with the Province on possible funding options.
Save the View has identified several examples of unrealistic projections regarding revenues, as well as the omission of some costs. Overstated property tax assumptions are in the millions, and there are over $4 million of annual costs that were omitted.
In total, the inflated revenues and understated costs mean a net annual cost to HRM in the $5 million to $7 million range if the proposed convention centre goes ahead. Even if it’s only an annual loss of $5 million, that’s a loss to taxpayers of $125 million over the 25-year life of the proposed project. (for details see attached document)
The inadequate yet rosy analysis on the real costs of the proposed convention centre should be corrected so Council can be better informed before taking any further decision on the HRM contribution to the deal. HRM’s projected budget short-fall is $13.9 million for the up-coming fiscal year.
- Experts will be available for Q&A interviews after the press conference.
- For information on Save the View visit: www.savetheview.ca
- Contact: email@example.com
- Contact: Allan Robertson- (c) 222-6730
SAVE the VIEW is a coalition made up of of eleven organizations including:
Community Coalition to End Poverty in Nova Scotia
Council of Canadians - Inverness Chapter
Council of Canadians - South Shore Chapter
Ecology Action Centre (EAC)
Facebook Group - Help Save the View From Citadel Hill
Friends of the Halifax Common
Halifax Regional Homeowners Association
Heritage Trust of Nova Scotia
Nova Scotia Public Interest Research Group (NSPIRG)
Peninsula South Neighbourhood Association
Sierra Club of Canada - Atlantic Chapter