For Immediate Release
Dec. 16, 2015
VANCOUVER, B.C. — The Vancouver Board of Trade welcomes this morning’s release of the Project Definition Report and Project Business Case for the estimated $3.5-billion project and launching of the third phase of public consultation on the George Massey Tunnel Replacement Project.
“Minister Stone’s announcement is great news not just for residents of Greater Vancouver, but for businesses across the province,” said Iain Black, President and CEO of The Vancouver Board of Trade. “The new 10-lane Bridge and Highway 99 improvements will alleviate congestion from the province’s worst bottleneck, while bolstering trade and strengthening British Columbia’s role as Canada’s Pacific Gateway.”
“Highway 99 South is one of the most critical transportation corridors in British Columbia,” said Tim Manning, 2015-16 Chair of The Vancouver Board of Trade. “Spanning the communities of Surrey, Delta and Richmond, Highway 99 connects the Metro Vancouver region to the U.S. Interstate highway system, the Tsawwassen BC Ferries terminal, Port Metro Vancouver’s Deltaport container terminal, and to YVR.”
“The congestion caused by the existing tunnel and adjacent interchanges severely slows goods movement, which in turn, slows our economy,” added Manning. “Once constructed, the new bridge and Highway 99 corridor improvements will save users up to 30 minutes a day and dramatically improve the reliability of this critical gateway corridor.”
The Vancouver Board of Trade worked closely with the Richmond Chamber of Commerce, the Delta Chamber of Commerce and the BC Chamber of Commerce in early 2013 to raise the profile of this important issue. The Board of Trade pledged its support for the tunnel’s replacement, in an effort to improve the movement of goods and people along the Highway 99 corridor.
The Vancouver Board of Trade’s Regional Transportation and Infrastructure Committee has since been monitoring this important project closely and receives regular updates from the Massey Tunnel Replacement Project Team. Today’s announcement is a significant milestone and further solidifies the Government’s commitment to delivering on that important initiative.
The Massey Tunnel currently carries more than 80,000 vehicles and 10,000 transit passengers every day, but no longer meets modern seismic and safety standards. According to the Ministry, the Project’s capital costs are estimated at $3.5 billion with a benefit-cost ratio of 2.1:1, more than twice the Project’s costs. The Project, which will be paid for through user tolls, is estimated to create approximately 9,000 direct jobs over the life of the construction.
More information on the Massey Tunnel Replacement Project, including the Project Definition Report, can be found at MasseyTunnel.ca.
About The Vancouver Board of Trade:
Since its inception in 1887, The Vancouver Board of Trade has been recognized as Pacific Canada's leading business association, engaging members to positively impact public policy at all levels of government and to succeed and prosper in the global economy. With a Membership whose employees comprise one third of B.C.'s workforce, we are the largest business association between Victoria and Toronto. We leverage this collective strength, facilitating networking opportunities, and providing professional development through four unique Signature Programs. In addition, we operate one of the largest events businesses in the country, providing a platform for national and international business and thought leaders to further enlighten B.C.'s business leaders.