Quote:
Originally Posted by SteelTown
Randle Reef team seeks $23 million
November 19, 2008
Jackson Hayes
The Hamilton Spectator
The team behind the Randle Reef cleanup project is still looking for $23million, but remains confident it will be able to bury the toxic sediment by 2019....
Federal and provincial governments have already committed $30 million each, leaving the team to scrounge up the last $30 million.
The HPA has agreed to kick in $7 million, but the economic crisis and Hamilton's budget squeeze have some questioning the chances of securing the remaining $23 million.
Brent Kinnaird of the HPA said it was confident despite the market downturn. "We're just waiting to see who else will be able to come to the table."
Construction is slated to start in April 2010.
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Closing on five years since two-thirds of the project cost had been committed, the City is still digging in the couch cushions for loose change. Council has now approved $14 million toward remediation -- which, thanks to escalating project costs, represents 10% of the estimated total cost of the project. Throw in the HPA's existing $7 million commitment and that leaves Hamilton with a shortfall of roughly $26 million. We've hit the neighbours up for $2 million, and if that materializes we're down to a $24 million gap, basically where we were four years ago. If only this had been a lengthy and coordinated process with a clear end goal, the city might have been able to budget for this expense.