WINNIPEG plans to sign a formal agreement with developer Andrew Marquess to split the cost of a $3-million transit station.
Last year, Marquess's company, Gem Equities, agreed to build the bus depot for the city near the rapid-transit line to offset the financial risk of a $10-million city-backed loan guarantee for an infill housing project on a 7.2 hectare strip of industrial land known as the Fort Rouge Yards. Gem Equities plans to turn it into a 900-unit townhouse, condominium and commercial development alongside the Southwest Rapid Transit Corridor at Jubilee Avenue.
Coun. Jenny Gerbasi said Winnipeg's city administration will sign a strategic economic agreement with Marquess to finalize a cost-sharing plan for the bus station. She said the city used a formula to calculate how much Marquess's new development will benefit from the transit line and determined he should foot slightly more than half the cost.
Gerbasi said the city will reimburse Marquess for the remainder and stipulate how to build the transit station so the design is similar to existing city-built ones. Councillors learned details of the cost-sharing plan at a seminar in September. "It isn't identified in the capital budget where our share of that transit station is coming from yet, but it will have to be found," Gerbasi said.
Specific site plans for the townhouse portion of the Fort Rouge Yards will be brought to the city centre community committee next week.