Posted tagged ‘taxpayers’

Canada Line built to enhance profits of business

August 24, 2009

video

At the 8:50 mark on this video TransLink staffer admits “primary ridership to the airport will be their employees”.  And he doesn’t expect families to use the RAV (Canada Line), just business types with a suitcase or two.

Of course the airport area will be heavily developed with industry in the coming years and the RAV is the ‘worker train’. In other words, the train was built to enhance the profits of business, at taxpayer’s expense.

Video from citycaucus.com

– Local taxpayers pay heavily for new rail line

August 16, 2009

The Province

By Frank Luba, The Province   August 16, 2009

Without help from the federal government (Canadian taxpayers)  and the province of B.C. taxpayers, the Canada Line wouldn’t have been built.

But unlike the Expo and Millennium SkyTrain lines, local government and its taxpayers have to pay what is arguably the biggest portion of the $2.05-billion tab for the public-private project.

TransLink spokesman Ken Hardie said the transportation authority’s capital contribution to the project is $366 million, which it is amortizing over 32 years.

The payments on that debt, which includes the extra cost to make the North Arm Bridge accessible for cyclists and pedestrians, range from $35 million to $40 million and began in 2005. The capital payments continue through to 2037.

TransLink also has to pay the project’s private partner, InTransitB.C., annual payments for operating costs and repaying their capital costs beginning this year and running for the remaining 32 years of their contract.

The payments ramp up as the line begins service, so only total $33.6 million this year. That figure jumps to $82.9 million in 2010 and breaks the $100-million mark in 2012 with a payment of $104.1 million. The payment schedule was only available to 2019, when the bill hits a high of $121.6 million.

The schedule might not be available but the payments will continue and that’s among the reasons why Burnaby Mayor Derek Corrigan has been such a long-time opponent of the project. Corrigan pointed out TransLink is on the hook for about a billion dollars of Canada Line debt — its own capital costs and repaying the $720 million put up by InTransitB.C..

(more…)