I read the statement from the CSEC and it seems that the rationale for them pulling out is sensible. They're saying that the $19m wasn't included, the original target has grown by $25.5m and they're worried about future escalation. If that's all true (and I don't know that it is/isn't), it seems like a smart idea to cool your jets when the costs have risen by $45m in 5-6 months.
https://www.nhl.com/flames/news/csec...re/c-329204382
Quote:
In summary, the primary reasons for this difficult decision include:
1) Introduction by the City of significant infrastructure costs ($15 million) and climate mitigation costs ($4 million); costs not previously identified as project costs by CMLC or the City nor included in the $608.5 million target budget in July 2021.
2) Continued cost escalation experienced since the approved budget of $608.5 million in July 2021. It has since grown to $634 million based upon design development that was completed in October 2021.
3) High level of risk associated with future project cost increases in part due to supply chain issues and commodity price escalation as a result of the impact of COVID.
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