The cost to clean up North Bay's former CP Railway lands and install its waterfront vision is pegged at $43 million.
The city-hired Toronto consultants, Conestoga Rovers & Associates and IBI Group, report the cost for environmental work to excavate diesel oil-contaminated soil will be $4 million. The development plans by the Community Waterfront Friends will be $39 million, but the consultants recommend tackling the project in four stages beginning next year and proceeding through 2011.
The first phase calls for a water garden, beach and wetlands, a second carousel, CP station redevelopment and a pedestrian underpass, estimated at more than $10 million. About $200,000 per year in tax revenues will be generated by the 20th year.
The city is applying to the province and federal government for funding to help pay for the project.