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Waterfront project hits snag

Thunder Bay's waterfront development project, Portside, has hit troubled waters. In a surprise move last month, city councillors voted to give Thunder Bay Waterfront Development Inc.
Northern Ontario Business Staff

Thunder Bay's waterfront development project, Portside, has hit troubled waters.

In a surprise move last month, city councillors voted to give Thunder Bay Waterfront Development Inc. 60 days notice advising of its intent to terminate negotiations with respect to its involvement as a developer for the Portside project.

The company was to help build Portside by contributing $120 million to the project. City officials say the decision was made because the expressions of interest supporting the developer's proposal had not been finalized.

A $15-million commitment from the Northern Ontario Heritage Fund Corp. (NOHFC) is contingent on the city securing private-sector funding for the project. The city has until March 2002 to meet the NOHFC's terms.