Another failed P3, we pay a massive premium for a P3 build and like everything Gordon Campbell touches this bridge project is a big money loser! I have several links ahead but lets layout the Canwest Con.
A story appeared last spring in the Vancouver sun about the Golden ears bridge and the Canada line,the gist of the story is that Translink would be subsidizing these two projects for a few years, the Canada line was only to be subsidized until it reached the 100.000 daily ridership,well it`s almost there but a few weeks back it was revealed that the Canada line will lose over 21 $million every year for decades, so much for Canwest/Campbell spin! And...in the last year of construction on the golden ears bridge,the builder, the builder who was going to be paid back with tolls opted out of toll revenue and chose to have set amounts of money given to them from Translink, Translink agreed and the deal was signed, another P3 screws the taxpayer and bridge drivers.(here is the story from last spring by Sinoski) http://www.vancouversun.com/Subsidizing+projects+draining+Translink+funds/1803404/story.html
Anyways, the set price structure is this...Translink will pay the builder 500.000.00$ each month,plus 316.000.00$ monthly maintenance...That maintenance amount 316.000.00$is every month for 35 years....So Translink pays the builder 500K every month until jan/1/2010...On january 1/2010 the monthly fee rises to 1.5 $million per month plus maintenance and...
On july 1st/2010 the monthly fee Translink pays to the builder rises to 3 $million dollars per month plus maintenance...And a year later the monthly rises to 4 $ million dollars per month....and in 2015 the monthly payment rises to 4.7 million $ dollars per month plus maintenance fee.
So anyways, a couple of months ago the idiots at the Vancouver sun write a column(Kelly Sinoski) titled "Golden ears bridge a goldmine for Translink....I read the story and was shocked with the mis-information, yea shocked...Sinoski claimed that Translink was making a million $ plus every month from tolls on the Golden ears bridge...Yet there was no mention that the fee Translink pays to the builder was going up by 1 million $ dollars in January(one month from now)...And no mention how the fees rises to 3 million $ dollars in July/2010....So I wrote a story "Kirk Lapointe and the Vancouver sun are idiots" I laid out all the facts and timelines and reported that this so-called goldmine was only going to break even in January and will lose over a million per month come july, it`s what I call "honest reporting"..(read Kelly Sinoski here) http://www.vancouversun.com/Golden+Ears+Bridge+goldmine+Translink/2021575/story.html
So here a few weeks back I heard Drew Snider on the news,Snider made the claim that drivers didn`t know where the Golden ears bridge was and Translink did a poor job in informing people where the bridge was and how it can help their commute, well I laughed my face off and wrote another story about the "lost bridge".....And I explained that people didn`t want to part with their money and would rather sit in traffic then surrender 130.00$ per month..and..
Last night another story appeared from my favorite idiot writer for the Vancouver Sun Kelly Sinoski ,and it was another Golden ears bridge story,this one about how the traffic projections are WAYYY off and traffic is nowhere near what they anticipated...but, the story was playing Canwaste head games,the story talked how Translink was only going to make 11 million in 2009 on the tolls rather than the 13 million they were expecting....
Well, again Sinoski was being dishonest,again Kelly Sinoski failed to mention that the fee rises from Translink to the builder by 1 million per month in January and in july the payment rises to 3 $ million plus maintenance per month,so in january Translink breaks even and in july losses are well over a million per month! But what I found to be absolutely hilarious in the Kelly Sinoski story were the quotes from Ken Hardie of Translink....
Ken Hardie was no longer blaming Translink for Hiding the Golden ears bridge, Hardie wasn`t blaming stupid drivers for low toll numbers, amazing, Ken Hardie was blaming "the economic downturn" Hardie went onto say " People don`t have jobs to go to, people weren`t going to the port,or the border" Apparently Ken Hardie finally figured out that people are broke, imagine that!
The Greatest place on earth and people aren`t working,aren`t driving, aren`t buying tons of fuel, but funny thing though, traffic was thick,heavy,congested everywhere except,except the golden ears bridge, ya think? Maybe,just maybe the lightbulbs have lit up in Translink`s head,but I doubt it.
Because Ken Hardie had some more interesting but subtle things to inform us...Ken Hardie stated that they were expecting 10 million more dollars from transit fares, apparently ridership is down, Ken Hardie stated that Translink was expecting7 $million more dollars from revenue from gas taxes,apparently people are filling up in the USA or filling up out of metro Vancouver or they have cut back their driving,imagine that,people in the greatest place on earth running out of money, that can`t be, the streets are lined with gold, gee,I wonder if the deranged one Gordon Campbell knows?
A couple of other items were mentioned in Kelly Sinoski`s story that made me laugh...Translink can`t seem to sell the two Albion ferries the Province gave them, several deals have fallen apart and....LOL..HAHA...Translink claim the ferries are costing 28,000,00$ per month to maintain....Are you kidding me,28,000,00$ a month for what? Moorage, a little heat, I`m sure Vanoc could use them to house people..HA HA..but....The most scary thing that Ken Hardie said in Kelly Sinoski`s story is.....
"Translink is looking at ways to increase revenues to a level higher than this estimation"..................In other words,LOL LOL...Translink is going to toss out the the present toll structure and crank up the tolls, something they said they wouldn`t do, and, when people star rat-racing down the fraser highway,or rat race over the mission bridge when the port mann gets tolled the same thing will happen there too, tolls will rise to the "point of diminshing returns" just like the ferries,traffic volume falls,they raise the price,volume falls further,they raise the price some more to the "point of diminishing returns"
What else could Translink do to raise more money on the Golden ears bridge but raise tolls, yea,raise tolls,raise MSP, raise municipal taxes, raise gas taxes, bring in the HATED HST....And more people will stop driving,stop spending. On a side note....Translink canned three executives today, Ken Hardie claimed it had nothing to do with the comptroller general`s report, Hardie said Prendergast was "working on efficiencies" (here is the link to Sinoski`s latest dribble) http://www.vancouversun.com/news/Golden+Ears+Bridge+busy+expected/2327361/story.html
What a two-bit phony rag the Vancouver sun is, I expect another Sinoski article at the end of January/2010 telling us how the golden ears bridge is already breaking even,and...I don`t expect a Sinoski article at the end of July/2010 telling us the Golden Ears bridge is losing 2 million per month, in fact I would imagine after January 2010 that we never have another Golden ears bridge story in the Vancouver Sun, just stories about the fast ferries and stories about the "Financial wizardry" of Gordon(The proven liar and proven lawbreaker) Campbell!
The Straight Goods
Cheers-Eyes Wide Open