The city is sending a new funding request to the province for help with upgrades at the Fundy Quay.
The work, which includes repairing and building up the sea wall, is necessary for construction to start on a new waterfront development.
The city says it’s a good deal for the province. It estimates that fiscal returns for the province will be six times greater than returns for the city, while the infrastructure commitments would be roughly equal.
$3.2 million has already been committed through the federal Climate Change Adaptation and Mitigation Fund.
The city says it’s a good deal for the province. It estimates that fiscal returns for the province will be six times greater than returns for the city, while the infrastructure commitments would be roughly equal.
A staff report says the province will see a significant return of investment, as the work and subsequent development will generate over $45 million in provincial tax revenue, and create almost 3,000 new jobs.
It also means the city could save around $2.4 million in capital costs.
A letter has been sent to Attorney General Andrea Anderson-Mason to explore and approve the request.
Saint John-Rothesay MP Wayne Long says he believes the federal portion of the work should get underway this spring.
The repairs are expected to be fully completed by 2022 or 2023, depending on the scope of work and how much detailed work is required.
A feasibility and design study is currently in the works.
