Alberta not ready to kick-in funds on Calgary-Banff rail link despite new proposal
CBC
The company behind a proposed passenger rail service that would connect the mountain resort town of Banff, Alta., to the Calgary International Airport says the project would cost $1.5 billion, and it could use some funding from the Alberta government.
But while Premier Jason Kenney says he sees much merit to the project, the province isn't ready to dedicate funds toward it at this time.
Still, the owners of the Mount Norquay ski facility just north of the town have submitted a new proposal to the Alberta government in hopes the rail line could be constructed as a public-private partnership.
Liricon Capital Ltd. owns the ski resort and also holds a long-term lease for the Banff Train Station. It's newly named investment partner is Plenary Americas, a portfolio company of Caisse de depot et placement du Quebec (CDPQ).
The company has been working for years to develop a multi-modal tourism and transportation hub.
They say the link between the tourist town and Calgary would help reduce the burden of passenger vehicles in Banff National Park.
On Wednesday, Kenney said the provincial government is looking at the proposal closely but isn't ready to put money behind it.
"We are not at any point ready to commit to money on this. We have to give this a very close rigour, and that's the stage we're at right now," he said.
Kenney says the train has "a lot of potential merit," such as improving tourism in the Banff area, increasing access to jobs in the Bow Valley and reducing carbon emissions.
Jan Waterous, managing partner with Liricon Capital, says the goal is to have the train run on hydrogen but "worst case scenario" they have the train run on diesel and electricity to start, then transition to hydrogen.
She said her company's proposal is to have half of the $1.5-billion capital cost provided by the Canada Infrastructure Bank, which has already signed a memorandum of understanding to complete studies and due diligence for the project.
The remaining portion would be covered by Liricon, Plenary and debt financing, Waterous said. While project partners aren't asking the province to commit any upfront capital funding, they are asking it to commit $30 million annually to the project. The province would not start payments until the rail line is complete, which could be as early as 2025.
"It's essentially a mortgage payment on half the capital. And the reason it's only on half the capital is because the other half we can cover from ticket prices," Waterous said in an interview. "So this is actually very good value for the province."
Liricon hopes to get a yes or no from the province by early February, Waterous said, so that it can move on to the advanced design phase of the project
Run 3 Space | Play Space Running Game
Traffic Jam 3D | Online Racing Game
Duck Hunt | Play Old Classic Game
The N.W.T.'s environment minister says communication with the Alberta government has improved since a pair of oil spills several years ago.
The latest data from U.S. Customs and Border Protection (CBP) shows an uptick in the amount of fentanyl seized near the American northern border with Canada — but the quantities intercepted remain a tiny fraction of what's coming from Mexico.
The purple toasted cob of corn shines under the afternoon sun as 25-year-old Allison Zhou lifts it up to show her friends on the opening day of the Calgary Stampede. It's ube-flavoured and covered in white and black sesame seeds. The cost? $15.
If you've ever wondered how to navigate the stock market, build a budget or plan for retirement, your first stop might've once been a parent, a trusted friend or an advisor at the bank.
For prospective young pilots intending to join the Allied effort during the Second World War, the Harvard was the ultimate training plane — but it also posed a key test.
There's no doubt that the Churchill Park Music Festival lineup is glittering with star power, with Gwen Stefani added as the latest headliner announced for the St. John's event.
Three people have died in motorcycle crashes on Nova Scotia roads this week.
In the lead-up to Hope Wellness Eco-Resort's first Topless Tuesday of this year, Katie Carson was surprised by a phone call she got from a man concerned about the event.
Gareth West, the alleged leader of a network of grandparent scammers accused of defrauding $30 million from American seniors, has been arrested.
Premier Wab Kinew said Manitoba's accessibility minister will remain in her position after she apologized for swearing into a hot mic about sharing a stage with a sign-language interpreter.
Edmonton city council reluctantly voted to continue a public hearing next week — their vacation period — after Friday evening's debate led to swears being thrown.
Canadian Food Inspection Agency lab tests have confirmed the presence of the highly damaging mollusc disease dermo in oysters from P.E.I.'s Egmont Bay.
Toronto has officially named a laneway in the city's east end after a Black woman who made a big impact on her community in the early 1900s.