Improvements to Port Moody’s Shoreline Trail, from Rocky Point Park to the CP Rail crossing on Murray Street, will cost $136,400 more than the city had budgeted.
But new funding from outside sources means the city will actually save $318,900 on the project.
At its meeting June 18, council’s finance committee approved returning that surplus to the city’s asset reserve fund to be used for future parks projects.
Chad Siemens, the project manager, told the committee that improvements to the multi-use trail include widening it to 4.2 metres and adding shoulders to make it safer for different types of users like cyclists, walkers and inline skaters. A boulevard will also be built between the path and Murray Street to act as a buffer from traffic.
While the project was originally approved to cost $476,000 from the city’s capital budget, actual costs escalated to more than $612,000 because of some additional archeological investigations along the route and engagement with First Nations about those findings, as well as more care being taken toward protecting the natural environment along the trail, according to a report presented to the committee.
But that overrun will be more than covered after the committee approved the application of a $250,000 amenity contribution from the Panatch Group, which is building a 358-unit condo development at 50 Electronic Ave., just across the street from the trail, as well as a $205,000 grant from the provincial Ministry of Transportation’s BikeBC program, which helps pay for the construction of bike lanes and separated bike paths.
“This had been a self-funded project but now we’ve found some external funding so we’re just moving some money around,” said Coun. Diana Dilworth, the finance committee’s chair.
The committee’s recommendations will be considered by council at its June 25 meeting.