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MEDIA RELEASE IMMEDIATE RELEASE Chamber Calls for Peer Review and Referendum on Rapid Transit Proposal Victoria, BC – June 29, 2011 – The rapid transit system proposed by BC Transit requires a third party review and the endorsement of the voters in order to go forward. The Greater Victoria Chamber of Commerce gave BC Transit’s proposal a business review and concluded that the complexity is such that a third party review by experts is essential. The review would include analysis of construction and operating costs, including a sensitivity analysis. The review should also include analysis of the economic impact of the proposed system, and determination of cost sharing. “Billion dollar expenditures require tremendous levels of due diligence,” said David Marshall, Chair of the Board of the Greater Victoria Chamber of Commerce. “We need to clearly understand the business case for improved transit and the associated potential economic benefits.” Following the outcome of the review, a region wide referendum must be conducted. As a discretionary project, the views of the public must be determined, particularly as the region’s level of required investment is not clear. “The experience with the Johnson St. Bridge has impressed upon us all the need to consult with the paying public on large borrowing projects. This is a project of choice which will shape the region’s future and as such, must be supported by those who will be footing the bill.” said Marshall. The Greater Victoria Chamber of Commerce has over 1,500 members and is the hub for business communication and collaboration that facilitates the financial vitality of its members while respecting people, planet and profit. The Greater Victoria Chamber has received Accreditation with Distinction from the Canadian Chamber of Commerce. -30- For more information or to arrange an interview contact: Ellen Henry David Marshall Manager of Member Communications Chair Greater Victoria Chamber of Commerce Greater Victoria Chamber of Commerce Email: ehenry@gvcc.org Email: chair@gvcc.org Cell: 250-812-0510
MEDIA RELEASE
Chamber Calls for Peer Review and Referendum on Rapid Transit Proposal
Victoria, BC – June 29, 2011 – The rapid transit system proposed by BC Transit requires a third party review and the endorsement of the voters in order to go forward.
The Greater Victoria Chamber of Commerce gave BC Transit’s proposal a business review and concluded that the complexity is such that a third party review by experts is essential. The review would include analysis of construction and operating costs, including a sensitivity analysis. The review should also include analysis of the economic impact of the proposed system, and determination of cost sharing.
“Billion dollar expenditures require tremendous levels of due diligence,” said David Marshall, Chair of the Board of the Greater Victoria Chamber of Commerce. “We need to clearly understand the business case for improved transit and the associated potential economic benefits.”
Following the outcome of the review, a region wide referendum must be conducted. As a discretionary project, the views of the public must be determined, particularly as the region’s level of required investment is not clear.
“The experience with the Johnson St. Bridge has impressed upon us all the need to consult with the paying public on large borrowing projects. This is a project of choice which will shape the region’s future and as such, must be supported by those who will be footing the bill.” said Marshall.
The Greater Victoria Chamber of Commerce has over 1,500 members and is the hub for business communication and collaboration that facilitates the financial vitality of its members while respecting people, planet and profit. The Greater Victoria Chamber has received Accreditation with Distinction from the Canadian Chamber of Commerce.
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For more information or to arrange an interview contact:
Ellen Henry David Marshall
Email: ehenry@gvcc.org Email: chair@gvcc.org
Cell: 250-812-0510