King-Victoria Transit Hub

[timio]

Has it been determined that the region has the money in the bank for this and that Dumpster Fire isn't going to pull the plug at the last minute because, well, that's what he does best?

[jamincan]

Just make sure one his development buddies has some ancillary involvement and he'll make sure it happens.

[LesPio]

The big open space is almost calling for a great piece of art or something to attract additional people to this space such as the The Bean/Cloud Gate in Chicago or the scripts in Cleveland (Cleveland Script).

[panamaniac]

Anything but yet another city name sign. That has become beyond tired.

A "bean" for Kitchener would be brilliant. Unfortunately, with the kind of money we devote to public art, it would be a pretty small bean ...

[ac3r]

Another red intestine, perhaps?

[panamaniac]

An option.  The artist is still living, no?

Athough the Region being as it is, I suspect they'd go for something totally unexpected, like a piece that represents transportation ....

[Momo26]

I'm okay with this. Let's get it done! (Without an increase to property taxes please), bolster up our LRT infrastructure and create an amazing art piece that pulls in even more people!

[Bytor]

(Without an increase to property taxes please)

OK. What would you like them to cut from the budget?

[panamaniac]

I thought taxes had already been raised to cover this.

[dtkvictim]

From the May 2020 document (COR-FFM-20-05) (I don't see anything newer on financing but I'm not sure where to look):

Funding Sources for Increased Project Cost

The current design of the King Victoria Transit Hub is estimated to be in the range of $85.2 million (base standalone building design) - $133.6 million (full design with recommended options). The amount provided for by the previous agreement with the MTO was $43 million: $33 million for the Region’s scope and $10 million for Metrolinx scope. Subject to Council approval, incremental cost will be reflected in the 2021-2030 capital program based on design selection. Several potential funding sources have been identified for the incremental cost of this project, including:

•Request additional funding from province
•ICIP funding
•Development charges (debt financing)
•Property taxes (debt financing)
•Third party contributions
•FCM Green Municipal Fund (grant/loan)

The Province previously recognized the significant regional importance of this project in the overall ‘Two way all day GO’ passenger rail service strategy and committed to funding 100% of the project as previously contemplated. It is proposed that staff be directed to pursue additional funding from the federal and provincial governments based on increased cost and project scope. Staff will also pursue alternate funding sources if appropriate and make applications according to program eligibility as funding streams are made available. In the absence of sufficient additional funding, staff will bring back alternatives for Council’s further consideration.

[Bytor]

Why did they approve a flashy building that would cost 2x the funding already promised? If the initial project was only supposed to cost $43M, why does it suddenly cost $85M?

[panamaniac]

Why did they approve a flashy building that would cost 2x the funding already promised? If the initial project was only supposed to cost $43M, why does it suddenly cost $85M?

I guess they didn't get the memo that K-W doesn't do "for nice" ....

[tomh009]

Why did they approve a flashy building that would cost 2x the funding already promised? If the initial project was only supposed to cost $43M, why does it suddenly cost $85M?

It's not approved yet, it's only the preferred proposal.

But the $43M option would be quite basic. Yes, you could catch a train there, but it would be more akin to the Gaukel St transit terminal (or the old Scott St terminal!) rather than what we are looking at here.

[dtkvictim]

Why did they approve a flashy building that would cost 2x the funding already promised? If the initial project was only supposed to cost $43M, why does it suddenly cost $85M?

Not to say the new price isn't absurd (3x higher on the high end), but it sounds like the original project expected large amounts of the development costs to be absorbed by private development on the property, which has been cancelled or postponed now.

[GarthDanlor]

Why did they approve a flashy building that would cost 2x the funding already promised? If the initial project was only supposed to cost $43M, why does it suddenly cost $85M?

It's not approved yet, it's only the preferred proposal.

But the $43M option would be quite basic. Yes, you could catch a train there, but it would be more akin to the Gaukel St transit terminal (or the old Scott St terminal!) rather than what we are looking at here.

I remember being jammed into the old Scott St terminal on cold days & nights as a kid.  That place was quite a few rungs below "quite basic", that's for sure!