Vancouver's proposed new trade and convention centre is a tiny step closer to becoming reality.

Provincial Economic development Minister Mike Farnworth says the federal government is ready to look at a new proposal for the project.

An earlier attempt to expand the convention centre failed when funding negotiations between NDP Premier Glen Clark and federal representatives collapsed.

Recently businessman Jimmy Pattison endorsed the new proposal and developer Peter Wall offered $2 million of his private funds to hold an option on the waterfront property.

Farnworth said, "For the first time the federal government has indicated they are taking the project seriously..."

Farnworth did not get a firm cash commitment from Ottawa, but he did get a promise from Environment Minister David Anderson to go to Treasury Board for some funding.

Rick Antonson of Tourism Vancouver said, "The most important thing in the coming months is for the federal and provincial governments to agree on participation and negotiate their respective funding formulae, that would enable a start date ideally in 2001, and an opening in 2005."

Antonson added with the recent endorsements and federal government interest, there is a real chance for the project to get off the ground.

Link: City of Vancouver on proposed expansion