NDP critic Spencer Herbert is challenging the B.C. government to release the business plan and financing formula for the $458 million project to place a retractable roof on B.C. Place Stadium.
B.C. Pavilion Corporation chairman David Podmore and minister responsible Kevin Krueger announced a fixed-price contract Friday with PCL Constructors Canada Inc. to finish major renovations on the 1983-built stadium by summer 2011.
The price is almost $100 million more than previously announced. Less than a quarter of the budget will be covered by revenue from development leases on property surrounding the stadium.
"Minister Krueger had said there were a bunch of private investors at the table and they were looking at a way for the private investors to pick up the tab and it was so exciting," Herbert said. "Now they come out with a plan and there are no private investors we can see. The taxpayer in the end is the one holding the bag for this cost increase."
Installation of a German-engineered retractable system was announced in May 2008 and a $365 million budget was approved in late 2008. In August, the government paused tendering on the project because of cost overruns. The government announced a record $2.8 billion deficit in September.
