MONTREAL — After West Islanders clamoured for years for a commuter train for the West Island, the project now apparently has financing in place and a completion date on the horizon.
“Given the importance of these projects, I think we’re going to get this done,” exulted Michael Sabia, the president of Quebec’s Caisse de depot.
The Caisse — which manages pension funds for retired Quebecers — is betting it can make money on the province’s infrastructure.
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The province is making a total investment of $5 billion with the Caisse to handle the creation of the long-awaited Train de l’Ouest and the light rail line on the new Champlain Bridge. Both projects are slated for completion by 2020.
“It is a turning point.”
“It is a change of culture where you have a public organization that is finding a way to deliver,” said Montreal Mayor Denis Coderre.
The proposal still needs approval from the provincial legislature, but Sabia downplayed two issues that appear to be potential snags:
- negotiating with freight companies who own rail lines that run along the island’s east-west axis;
- whether the federal government will complete the new Champlain Bridge within the timetable for the light rail line’s construction.
Sabia was confident the Champlain Bridge would be finished on time, noting that the Caisse’s Train de l’Ouest plans did not involve negotiating for use of existing freight lines.
The Caisse would retain ownership and handle maintenance of both projects, a crucial reason why it got involved in the first place.
“Let’s call a spade a spade — we’re not going to enter into something that we think is commercially questionable,” Sabia said.
“We’re just not going to do that, that would be a neglect of our fiduciary obligations.”
For McGill University business professor Kenneth Lester, the one caveat in the deal is the potential for conflict of interest.
“Which hat are you wearing?” he asked rhetorically.
“Are you promoting Quebec or are you trying to make money for pensioners?”
Before its current management arrived, Lester said, the Caisse had more of a hand-in-glove relationship with the province, but has since ceased that approach in recent years.
The Caisse is now more concerned with making money, he said, which he believes reduces the risk of a conflict of interest.
“That’s why they’re focusing on the Champlain Bridge and the West Island Train — both of those are easy ways to raise revenue,” he said.
For supporters of the Train de l’Ouest, like Clifford Lincoln, this was a long time coming and represents the hard-earned recognition that the commuter train is a priority.
“Our project has been named as one of two key projects by the province and the Caisse de Depot,” he said.
“It’s all good news.”
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