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Cochrane’s Transit Hub and Innovation Outpost moving ahead

The proposed three-story innovation centre will hopefully create and foster tech and innovation jobs, create development interest in the Railway Street West, Grande Avenue and Bow Street corridor, and establish Cochrane as a leader in innovation and technology.

Cochrane’s Transit Hub and Innovation Outpost is moving ahead after town council voted unanimously to support the project at their meeting on Dec. 9.

 

The proposed three-story innovation centre will hopefully create and foster tech and innovation jobs, create development interest in the Railway Street West, Grande Avenue and Bow Street corridor, and establish Cochrane as a leader in innovation and technology.

 

The transit hub will also be the base of operations for the COLT buses.

“I’m excited that we are able to deliver this project with no impact to taxes,” said Mayor Jeff Genung.

“Bridging historic downtown to the modern side of the tracks will be the first step in revitalizing Railway Street, while promoting our already successful technology industry so that Cochrane stands out as a leader in the innovation sector.”

The project has been underway since being identified as part of the tri-site concept plan in 2018. Council approved the business plan in September, 2019. Council has now approved moving ahead with a request for proposal (RFP) process to begin building with detailed design and costing for construction.

 

Construction costs, including on-site servicing, are estimated at $10 million.

 

The project is scheduled to be built at the same time as the $2 million CP Rail pedestrian crossing included in the town’s 2020-2022 budget. The crossing will be funded by the Community Revitalization Levy.

 

About half of the total - $4.6 million - will come from the provincial GreenTRIP funding. The remainder will be funded through $4.4 million in debt financing and a $1.5 million MSI capital grant for the incubator and innovation space.

The town will hopefully lease 21,865 sq-ft of the 39,275 sq-ft space at commercial rates. The funds generated by leasing will support the incubator space for early stage start-up companies. The town predicts that after generating commercial lease revenue and paying associated costs of running the facility, the net operating income is estimated at $125,902. Financial figures will be refined as plans are finalized.

The town anticipates releasing the RFP to construct the building in the first quarter of 2020. Occupancy is scheduled for December 2020.

“We have a competitive advantage right now in that sector” said Dave Devana, chief administrative officer for the Town of Cochrane.

 

Coun. Morgan Nagel said there will be very little risk to tax payers. Coun. Alex Reed asked Devana if they’d consider installing solar panels on the roof. Devana said the pay back on solar is a marginal economic benefit, but he’d like to have them as a showcase.

 

“The private sector has been leading the way for many years,” said Genung.

 

“Technology and innovation touch every part of our community. I’m excited for our future on this.”

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