July 30, 2012

Station added to the Evergreen Line

CITY OF COQUITLAM

The federal government is contributing up to $7 million through the P3 Canada Fund towards the construction of Lincoln Station on the Evergreen Line in Coquitlam, B.C.

The Harper Government and the City of Coquitlam have announced a public-private partnership to build Lincoln Station, an additional component of the Evergreen Line.

The Harper Government will contribute up to $7 million through the P3 Canada Fund towards eligible construction and implementation costs.

“Our Government is committed to improving the quality of life in communities across Canada by investing in local infrastructure,” said Minister Moore.

“By investing in this project, we are partnering with the City of Coquitlam to leverage public funds with private support.

This is a big win for commuters in the Tri-Cities and especially for taxpayers.”

The project will be co-funded through a unique partnership between the City and Pensionfund Realty Limited, a privately held real estate company.

In addition, once selected, a private operator will be required to build and finance the project.

“We are thrilled to have received such a significant contribution, and to be able to make the Lincoln Station a reality,” said Coquitlam Mayor Richard Stewart.

“It will greatly improve the quality of life in our community and support the long-term transportation goals of the City and the region.”

“On behalf of the Pension Fund Investors that own Coquitlam Centre we would like to express our support and appreciation for the inclusion of Lincoln Station as part of the Evergreen line,” said Bob Nicholson, spokesperson for Pensionfund Realty Limited.

“This is a win\\win for all stakeholders and was handled in a positive manner by multiple levels of Government working with private enterprise.”

The Lincoln Station project is an important component of the Evergreen Line.

The station will improve access to rapid transit to this fast growing community by providing transit linkages; reducing traffic congestion; increasing ridership; reducing greenhouse gas emissions; and attracting more commercial investment and residential development to the area.

By adding the station to the Evergreen Line Project now, the City of Coquitlam can realize greater savings from economies of scale during construction.

The Evergreen Line will open in the summer of 2016, providing rapid transit for the first time to the communities of Coquitlam and Port Moody, as well as the students of Douglas College.

The project will create 8,000 direct and indirect jobs.

The P3 Canada Fund is a merit-based program with the objective of supporting P3 infrastructure projects that achieve value for Canadians, develop the Canadian P3 market and generate significant public benefits.

PPP Canada was established by the Government of Canada to improve the delivery of public infrastructure by achieving better value, timeliness and accountability to taxpayers, through public-private partnerships.

JOC NEWS SERVICE

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