Evergreen construction under budget

Project director gives sneak peek into finances

The long-awaited Evergreen Extension took longer to complete than expected but came in under budget by between $70 and $85 million, reporters were told in a technical briefing Tuesday.

Amanda Farrell, the project lead, gave the briefing for background only and her comments weren't to be attributed.

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But the picture laid out in a series of slides (available at www.th.gov.bc.ca/evergreen_line/documents/161125-Evergreen-Line-Financials.pdf) show the project was originally pegged at $1.4 billion but the addition of Lincoln Station boosted the figure to $1.431 billion.

The city of Coquitlam and Morguard, the Coquitlam Centre mall owners, contributed $21 million to the project, reporters were told.

But the final cost for the project came in at $1.346 billion to $1.361 billion because less was spent on project management and contingency than was budgeted.

Other information from the briefing:

• No compensation was paid for delays and problems associated with tunnel boring problems.

• Noise monitoring will continue for six months and improvements will be made if needed.

• Other financial drivers were the competitive bidding process, as the project was considered a "flagship" development, low interest rates and cost control.

• Funders were: provincial government, $586 million; federal government, $424 million; TransLink, $400 million. TransLink also provided in-kind services totalling $26 million.

• Property costs were slightly more than anticipated, $160 million compared to $155 million budgeted.

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