Re: Digital billboards expected to bring in $25M, The Record, July 12.
Making financing for such useful facilities as Canada Games Pool and Massey Theatre dependent on revenue from digital billboards - and delaying these projects until such funds accumulate - is not the best policy for city. As Coun. Jonathan Cote pointed out, the council is aware of the importance of these facilities, their attendants, benefits to residents and value to community. The pool, for example, besides being extremely popular, is the only recreational facility that makes the city a profit, I heard. A recent city survey placed them on top of the priority list. They are also aging, already overdue for major renovations, maybe even replacement. Financing methods for this work shall reflect this priority.
Despite council's hopes, reliance on billboard money - just as past reliance on revenue from longdeparted casino boat - will not provide these "musthave" facilities with "stable, long-term financing." What if drivers choose to keep their eyes on the road rather than watch ads? What if courts or government outlaw such billboards after - and preferably before - a major accident? What if revenue drops? Will the sign company cover the shortfall? And what if the sign company goes out of business? If the billboard payments are indeed "as good as money in the bank," let the city ask the sign company to discount this contract. Instead of separate payments every year over the next 23 years, the city will get a lump sum. This sum will be somewhat less than the promised $25 million (to account for interest expense to the sign company), but for New Westminster, it will provide a real guarantee the funds will be available when needed.
Personally, I doubt this will happen.
On other hand, I believe, the Columbia Street festive lights - and similar "niceto-have" projects, like an extra entrance to Pier Park, or pedestrian bridge across Fraser River, or greenway on Seventh Avenue, or Front Street parkade revitalization - are more suitable for financing from digital billboard payments.
And, of course, no debate about New Westminster's financial situation may overlook the looming mountain of debt coming from the business tower. Last time I checked two weeks ago, this "air parcel" on top of Anvil civic centre was still on the market.
As Coun. Betty McIntosh mentioned, the recent survey revealed that debt management is the second-highest preference for city residents as far as spending their tax dollars is concerned.
The council's priorities should better reflect this preference, and when they do not, residents are welcome to make another reminder @WeVoteNW.
Vladimir Krasnogor,
New Westminster
