The wavering support for Hamilton’s one billion dollar, provincially-funded LRT project is being called “very alarming” to the development community.
A letter from the Vrancor Group warns that if the initiative was for some reason not to go ahead, “it would send a very negative message about the direction of the city”.
The letter arrived as city council was approving a 4.8 million dollar loan to support Vrancor’s latest project, a 12 storey apartment building on Cannon Street.
General Manager of Economic Development Jason Thorne notes that the incentive will pay off through higher tax assessment.
Darko Vranich, President and CEO of Vrancor, stresses that he’s shown his commitment by moving his company’s head office to Downtown Hamilton.
His letter also reminds that his investments in the core have included two hotels, Staybridge Suites and Homewood Suites by Hilton, as well as the condo redevelopment of the former federal building.