Large city

Business Case

Two-thirds of the project was paid for in grants, and money borrowed by the City was through low-interest loan and financing programs.

Budget = $25.1M (projected Park construction costs) + $8M (land purchase)= $33M

• $16.6 million - Building Canada Infrastructure Grant Program;
• $8.3 million - City of New Westminster;
  • Financed through the CMHC Municipal Infrastructure Lending Program, Municipal Finance Authority and the FCM Green Municipal Fund low-interest loan program;
• $100 000- Brownfield Renewal Fund;
• $100 000 - Green Municipal Fund (FCM)

By attracting business investment into the downtown as well as encouraging residents to come downtown to take part in physical, cultural, community and consumer oriented activities staff estimate local economic benefits to be $70 million.

Co-Benefits

• Approximately 3,600 tonnes of contaminated soil were removed and remediated.
• About 4,000 m² of intertidal riparian land has been reclaimed using drought tolerant native and non-invasive plantings.
• Less concrete means decreased run-off and more water absorption.
• Almost all materials used in the park’s construction are recyclable.
• Park land takes the place of contaminated or potentially hazardous land that could have posed health risks to the public, and creates a positive model for further brownfield remediation and development.

Westminster Pier Park will contribute to the revitalization of New Westminster’s vibrant downtown district by providing new spaces for festivals and outdoor events, and walkable connections along the city’s waterfront and downtown neighbourhoods. The City anticipates that these amenities will improve investment, tourism, residential and commercial development, and employment.