a link to another story on the sjwaterfront.com site.....bold emphases are my own...
Group seeks $9.6 M
BRUCE BARTLETT
TELEGRAPH-JOURNAL
SAINT JOHN - Saint John Waterfront Development, the organization behind Harbour Passage and other improvements drawing people into the city, presented its 2009 budget requests to common council Monday night.
Among the items sought in the capital budget are $1.5 million for Reversing Falls,
$3.4 million for seawall repairs at the Coast Guard site and $2.8 million to purchase the site. The total capital request made to the city for 2009 totals $9.6 million
Michael Baldwin, the new general manager of the organization, made his first appearance in front of council.
"I am wondering if there is any idea of when we invest a dollar, if we know how much we get back?" asked Coun. Peter McGuire? "Because I look at Chesley Drive, I look at Long Wharf and I know it's a big investment, but I think over time we have got our money back."
Earlier estimates by the organization suggested that developments and the growth in the tax base in the waterfront area is $65 million and that with the projects in the works it could surpass $175 million.
"We are very confident that a significant payback is there," Baldwin said.
In the past, money for the development of the Coast Guard site has been in the regular city budget, but Saint John Waterfront Development is suggesting that it should take on the project. It is also requesting $600,000 for improvements to the boardwalk at Market Square, $715,000 for improvements to Pugsley Park and a possible connection to Tin Can Beach and $150,000 for the Marco Polo project.
As well as looking after development on the waterfront, the organization has
an oversight function with the Market Square complex. As part of its $190,000 request for its 2009 operating budget, Saint John Waterfront Development wants to spend $50,000 on an audit of all the financial arrangements that govern Market Square, Baldwin said. It will assist the organization and the city to understand all the financial calculations and obligations surrounding the complex.
The parking garage at Market Square is projected to earn $1 million by the end of the year for the city, up from $961,000 in 2007, according to the budget documents presented to council.
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full link can be found at:
http://www.sjwaterfront.com/saint_john_w...ewsroom/2008_11_25_Group_seeks_9.6_M.htm