[All] Fw: Rapid Transit Funding Update

[Louisette Lanteigne]

--- On Thu, 9/2/10, RTInfo <rtinfo at region.waterloo.on.ca> wrote:

From: RTInfo <rtinfo at region.waterloo.on.ca>
Subject: Rapid Transit Funding Update
To: butterflybluelu at rogers.com
Date: Thursday, September 2, 2010, 4:25 PM

It is my pleasure to share with you some important news about the Region of Waterloo’s rapid transit project.

Below you will find the news release from today's announcement.

Nancy Button
Director, Rapid Transit


The Government of Canada announces funding for rapid transit in Waterloo Region

(September 2, 2010) The Government of Canada will provide one-third of eligible costs, up to $265 million to support the construction of the Region's rapid transit project. Prime Minister Stephen Harper came to Waterloo Region today to make the announcement. 

“We are pleased that the Federal government recognizes the importance of the Region’s rapid transit project, and has made this funding commitment to the initial phase of the project,” said Regional Chair Ken Seiling. 

In light of the Federal government’s funding commitment today and the Province of Ontario’s commitment of $300 million, the Region can now move forward with the planning of the project’s scope, design details, cost and Regional funding options.  The goal will be to identify the Phase 1 project that provides best value to the community and is affordable to Regional taxpayers given the available federal and provincial funding.  Regional staff will evaluate various options for consideration and final decision by Regional Council.

“Now that we know the amount of the federal and provincial funding, we can proceed to determine the best balance between available funding and the long-term, best interests of our community,” said Regional Chair Ken Seiling. 
               
In June 2009, based on the extensive evaluation and analysis conducted during the Rapid Transit Environmental Assessment, Regional Council:
•    Approved a light rail transit (LRT) system from Waterloo to Cambridge as the Region’s long-term preferred rapid transit system; 
•    Recognized that a staged implementation would be required to reflect the financial resources required and to ensure the best match of transit technology to ridership and intensification potential; and
•    Approved the initial phase of the project which includes LRT from Conestoga Mall to Fairview Park Mall and adapted bus rapid transit from Fairview Park Mall to the Ainslie Street Terminal in Cambridge.
    
For more information on the rapid transit project, please visit the website at  www.region.waterloo.on.ca/rapidtransit.



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