The backers of a $1.5 billion plan to launch passenger service over Canadian Pacific between the Calgary airport and the Rocky Mountain resort community of Banff say they can’t move forward with design work and consultation with lineside communities until Alberta decides whether it will commit $30 million annually to the project.
Liricon Capital Managing Partner Jan Waterous on Monday told the Calgary Chamber of Commerce that the annual payments would help fund the project’s debt. But Liricon is awaiting a decision from the province before proceeding further with the project.
Half the cost of building the route would be funded by the Canada Infrastructure Bank, with the rest of the money coming from Liricon, its partner, and debt financing, The Canadian Press reported.
“What we need at this point is we need a nod from the provincial government,” Waterous told reporters.
“We were hoping to hear we were good to go from the province a few weeks ago … we’re ready to roll as soon as we get that go-ahead from them,” Waterous said.
A spokesman for the Alberta transportation minister said the province is still reviewing the proposal.
The service would link the airport, downtown Calgary, and seven communities with Banff. CP has said it’s open to the idea.
Would be nice to know what those other “seven communities with Banff” might be.
I don’t think Rocky Mountaineer will compete with this proposal. Rocky Mountaineer runs a tour operation while this new group proposes to provide transportation which, of course, will not be able to operate without taxpayer support. Something that Rocky Mountaineer has been able to do.
Rocky Mountaneer probably doesn’t want any other rail competition in the Banff market that might actually be affordable.
$30 million a year (even if it is Canadian dollars) is a drop in the bucket, or at least should be for a provincial government…not even sure what the province is taking so long to study.