steveintoronto
Superstar
I'll have more researched answers on your other points later, but this is a big one, and of course beyond the VIA HFR project, whether it will be folded into the Infrastructure file or not remains to be seen, they are parallel concepts, formerly known as PPP (P3 to Canadians) or PFI.The budget will have to say something about the infrastructure bank idea - again, if the Liberals are committed to this, they will want to announce some prime candidate projects.
http://www.bnn.ca/toronto-out-front-for-headquarters-of-canada-s-new-infrastructure-bank-1.685489Toronto out front for headquarters of Canada’s new infrastructure bank
As the Liberal government takes steps to launch Canada’s new infrastructure bank, Toronto has emerged as the likely home for the bank’s headquarters, according to sources and industry observers.
“Choosing to set up the infrastructure bank in any location other than Toronto would be the first signal this is sinking into the political muck,” former federal cabinet Minister David Emerson told BNN in a phone interview. Emerson previously led the government’s transportation policy review, which explored issues such as the privatization of Canada’s airports.
Finance Minister Bill Morneau unveiled the government’s plan to create the infrastructure bank during last fall’s economic update, following a recommendation from his Advisory Council on Economic Growth. The bank is expected to help fund massive infrastructure projects in Canada by attracting large institutions from around the world as partner investors. Its goal is to leverage up to five dollars in private money for each dollar the federal government puts in.
Multiple sources tells BNN that in the months since Morneau’s announcement, a group that involves Infrastructure Canada and Finance Canada have been working on the potential framework for the bank, which will operate at arm’s length to the government – a similar operating structure to that of the Canada Pension Plan Investment Board. Those sources also said the bank may ultimately employ upwards of 50-100 people, a staffing level that would resemble what is typically seen at investment banks that focus on deal-making.
Brook Simpson, press secretary to Infrastructure Minister Amarjeet Sohi, told BNN that no decisions have been made yet on the bank’s structure, staffing, or location.
In recent weeks, infrastructure bank representatives have been meeting with potential investors and stakeholders to help raise awareness on the bank’s role. “The government deserves credit. They’ve been consulting with all the players, including the pension funds,” Mark Romoff, president and CEO of The Canadian Council for Public-Private Partnerships, told BNN in a phone interview. Romoff confirmed he has been included in the government’s outreach.
[...]
Industry observers fear locating the bank anywhere but Toronto would send the wrong message to potential investors about the bank’s independence. “If you’re living in North Dakota, you have to accept that New York is the finance capital of the United States. I think in Canada, we have to learn to do the same,” added Emerson. “Toronto is the centre of our financial industry. And any foreign investors who come to Canada to explore financings go to Toronto.”
Lou Serafini Jr., president and CEO of infrastructure investor Fengate Real Asset Investments, highlighted in an emailed statement to BNN that “many construction contractors and operators run their North American public-private partnership operations out of Toronto — these are companies who understand how public and private sector entities can work together seamlessly.”
[...]
Needless to say, there's a subtext in there of 'Toronto or Elsewhere'. It's a long detailed article, had to dig deep to find this, the story is 5 days old, but not showing in the printed media yet.
I'd say the case for the Infrastructure Bank is very strong! The hedging appears to be on *how* they structure this, not if they do.
Interview vids at site linked. Credit to BNN for the article and vids. This is surprisingly good quality journalism and it shows in the excellent interview discussions.
Last edited: