Report claims Lansdowne costs will skyrocket

on .

CBC News

The group Friends of Lansdowne released an independent assessment of the proposed Lansdowne Park redevelopment on Monday ― and the report says the cost to taxpayers could be an extra $100 to $200 million.

The lobby group hired the Toronto firm Rosen and Associates to examine the city's financial projections.The company's website claims that it is "Canada's premier independent firm specializing in forensic and investigative accounting."

The report says the huge project could result in a deficit of between $100 and $200 million.

The city says its plan to redevelop the area, along with a group of private developers, is priced at $175 million.

The city and its partners hope to begin construction later this year. But David Chernushenko, the councillor for the Glebe, says the Rosen report is " alarming." "I would hope that returning councillors ― and new ones ― would want to know more about the economics and say, 'Whoa, let's understand this fully and possibly re-consider.' "

Full story: http://www.cbc.ca/canada/ottawa/story/2011/01/24/ottawa-lansdowne-audit.html#ixzz1C0KjXdpT