Edmonton seeks new sources of infrastructure funding
The Canada West Foundation and the City of Edmonton are teaming up to try to find new, long-term sources of revenue for infrastructure.
Mayor Stephen Mandel announced Thursday that the Calgary-based research group will help city officials come up with a plan to fund infrastructure development over the next 30 years.
Mandel says Edmonton is already $3.8 billion short on its infrastructure needs over the next decade; so more funding is needed from sources outside the city.
The mayor says maintaining and operating existing infrastructure is becoming increasingly expensive. In addition, Mandel says new infrastructure is needed to help cope with the city's rapid growth.
"The real key to this is to bring it to the forefront, to realize the importance of that to both the other orders of government, as well as the cities – that we're all in this together," Mandel said. "They all have buildings located in Edmonton. How do we work together to come up with a formula that's going to allow this stuff to be rebuilt?"
Once the report is complete, it will be shared with other levels of government and other municipalities.
The mayor would not say how much the report will cost, but he did say it would be complete by the end of the year.