Based on what I have read, the NDP is waiting for a more detailed design and they have been conducting independent appraisals on the cost. I think that they plan to reach a decision by April 19 2010 (less than a month away).
On April 19, Infrastructure Renewal Minister Bill Estabrooks is expected to make a recommendation to cabinet on whether to back the development, which could cost at least $300 million, once you factor in private investment in an adjacent hotel, plus an office tower and retail space. (source
http://thechronicleherald.ca/Editorials/1173820.html )