Documents show financing of Massey Tunnel replacement will cost $8 billion
Posted May 5, 2017 11:15 pm.
Last Updated June 15, 2017 4:13 pm.
This article is more than 5 years old.
RICHMOND (NEWS 1130) – We’re getting a clearer picture of how much replacing the Massey Tunnel with a bridge will cost.
New documents unearthed by the NDP show interest charges alone could amount to $8 billion over the next 50 years.
That’s in addition to the estimated building cost of $3.5 billion.
Richmond Mayor Malcolm Brodie has never made a secret about his opposition to the project and says he’s not surprised by the financing costs.
“I never believed the $3.5 billion cost to begin with. I believe it’s going to cost far more, given the ground conditions.”
He’s referring to questions being raised about building on waterlogged sand and mud.
He says taxpayers should know they’re burdening their grandchildren to pay for the bridge.
“It’s going to be a very large financial burden, so it behooves us to find solutions to the congestion that won’t have a negative impact on the region and on our city.”
The BC Liberals argue any large infrastructure project is going to require a loan – much like needing a mortgage when buying a home.
The NDP says it wonders why nearly $12 billion will be spent for a new bridge that nobody wants.
