Boat Basin A 'Done Deal'?
In spite of some eleventh hour resistance and toothless city council motions, I would be willing to bet that the inner harbour will not likely look like this next summer.
An editorial in the daily claims that the current deal between the port authority and a private company to lease the harbour for 30 years in exchange for $9 million worth of upgrades is a good deal for the port authority who claim to be losing money on the harbour and are not able to afford needed upgrades.
The editorial also claims that moorage in the harbour has been selling for 30% of the market rate which is the reason for the harbour losing money.
The editorial does not point out, that there is no reason for an autonomous body such as the Port Authority to be charging these money losing rates at all. Does this perhaps point to the real issue about the harbour, which speaks to the competence of the management team at the NPA?
It can only be wondered if the strain of paying for the under-performing cruise ship terminal is also part of the reason the harbour is in such poor financial shape?