Tri-Cities Chamber supports funding arrangement for Lincoln Station
The Lincoln SkyTrain Station will not only be catalyst in the future development around Coquitlam City Centre but will also be uniquely funded – lessening the financial impact on Tri-City businesses and residents, said Michael Hind, Executive Director of the Tri-Cities Chamber of Commerce.
“This station will spur on economic development in Coquitlam City Centre. What we will see once the station is built is smart growth, high density commercial and residential development around a transit hub – exactly what the region needs,” said Hind.
The Federal government and City of Coquitlam announced Lincoln Station, an addition to the Evergreen Line, today in the northeast corner of the Coquitlam Centre Mall parking lot, approximately where the station will be built. The station was not part of the line’s originally planned six stations but was considered a future station. It was officially added today after the City of Coquitlam lobbied for it. The entire 11-kilometre SkyTrain extension, including Lincoln Station, are slated to be completed by the summer of 2016.
The Lincoln Station will not draw from the $1.4 billion Evergreen Line budget. The station project is co-funded through a public-private partnership. The Federal government will contribute up to $7 million, while additional funding will come from the City of Coquitlam, Pensionfund Realty Ltd and a developer, responsible for the construction and financing of the station.
Pensionfund Realty, a privately-held real estate company, owns Coquitlam Centre Mall.
“That is the best thing about this announcement. Because it is a public-private partnership, businesses and residents of the Tri-City area will not be burdened with financing its entire construction through taxes,” said Hind.