Referendum wouldn't stop New Westminster office tower from being built

By Grant Granger - New Westminster News Leader Published: July 20, 2012 3:00 PM

Even if a campaign to force a referendum on New Westminster's $59 million borrowing bylaw is successful, and even if the bylaw is defeated in the referendum it wouldn't stop construction of the office tower connected to the city's new civic centre according to city officials. It would mean,  however, the city would have to look at other ways to pay for the infrastructure projects for which the bylaw authorizes borrowing for, said Coun. Jonathan Coté. "The project itself will still go ahead," said Coté. That's because construction on the civic centre and the office complex is already underway, said Coté. He pointed out most of the construction will be paid for through casino money and city reserves. If the city proceeds with its plan to borrow up to $59 million, it will be from the Municipal Finance Authority (MFA). The money will be for roads, parks and other infrastructure capital projects that would previously be paid for through city reserves. "Basically the city is committed to building the office tower," said city finance manager Gary Holowatiuk. Former mayoral candidate James Crosty has launched a campaign calling for a referendum on whether the city should take the $59-million loan. At least 4,528 signatures, which represents 10 per cent of eligible voters in the 2011 civic election, must be collected by Aug. 7 to force a referendum on the loan bylaw. "The city would have a couple of options, it could go to referendum, or we would have to find an alternative way for the financing to work," said Coté of the consequences should enough signatures be submitted. "If there's a problem with the bylaw we would definitely have to find alternate plans for some of those projects. A number of those are a number of years down the road." (more)