It's expected to come from the public and private sectors, and partnerships between the two.
The city is working toward setting up an arm's length but
municipally owned waterfront development corporation that would either
develop land itself or facilitate deals.
A proposed mandate, governance structure and financing options will be presented to city councillors sometime this summer.
City councillors were presented with a master plan earlier this
month. That has set in motion the process to include the vision in the
city's official plan.
The project, estimated to cost about $143 million in public and
private money, will cover the entire stretch of city-owned land from
Bayfront Park to Pier 8. The plan calls for restaurants, cafes, shops,
boat rentals, waterfront trails and many other amenities.
Chris Phillips, senior adviser in the planning and economic
development department, has studied a range of waterfront development
corporations in order to bring a report to council.
He said it would be an agency of the city with an independent board, much like HECFI or Horizon Utilities.
It would work in conjunction with the Hamilton Waterfront Trust,
says Phillips, which focuses on recreational uses and public access.
Councillor Chad Collins, chairperson of the HWT, says the
development corporation should focus on leveraging action at the
waterfront deeper into the neighbourhoods surrounding it.
He says the city and the trust regularly get inquiries from private investors willing to sink money into the waterfront.
"Those lands at the water's edge will go no problem. They'll be
automatic. It's the properties a block from the waterfront or with
contamination that are not such an easy sell."
A development corporation is strongly endorsed by the Hamilton Chamber of Commerce, says CEO John Dolbec.
"It's a fabulous way to move this issue forward and hopefully depoliticize some of this," he said.'
What do you think? Is this a sensible approach to development, or would another strategy make more sense?
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