EDITORIAL - Dividend a blessing

The city’s Renew Thunder Bay plan is off to a rousing start, working out better than city manager Tim Commisso dared to envision when he first proposed it last year.

On Wednesday TBayTel made its first contribution, to the tune of $15.6-million, to the fund, the first of five payments its scheduled to make.

The city hopes to collect $40 million over five years – it already has $11 million of that set aside – and turn it into $130 million through federal and provincial government matching funds.

The money is to be then used to pay for large infrastructure costs, such as a new multiplex and phase two of the Marina Park development.

Other projects on Commisso’s wishlist include library renewal, a citywide trail system, upgrades to Golf Links Road, recreation facility upgrdes, streetscaping, broadband connectivity and a number of other smaller programs.

By reinvesting profits from the city-owned utility into major capital projects, Thunder Bay gets much-needed infrastructure and the municipal ratepayer isn’t hit with even more increases on their annual tax bill.

TBayTel officials say the additional funds won’t hurt the company’s bottom line, or its ability to reinvest in itself and emerging technologies.

It appears to be a win-win situation for the people of Thunder Bay. If it works, let’s extend it indefinitely.