The Record has learned that New Westminster - the Royal City - has secured an exclusive contract with a British company to replicate the London Eye on the city's waterfront adjacent to Pier Park.

While Mayor Jonathan Cote refused to deny or confirm the plans, he did say: "I think such a project would be an incredible coup for this city. It would certainly be the cherry on top of the sundae for the waterfront project and would draw visitors from around the world."

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The London Eye is a 443-foot-high ferris wheel on the River Thames in England. The ferris wheel on New West's pier would be more than 300 feet high and from the top one could see as far as Mission upriver and down to Bellingham - and across to the Gulf Islands. Each small gondola would hold four to six people.The wheel would be skewed at an angle so as to provide better views, and also allow for some privacy for condo dwellers on the river.

A source close to the project told the Record that the idea came up when the city was in its initial planning stages for a big celebration planned to mark the 80th anniversary visit of King George VI and Queen Elizabeth in 1939. It is hoped that Prince William and Kate and their young son George (plus their soon to be born child) will be visiting New Westminster in 2019 to celebrate the 80th anniversary of the royal visit and during the visit they will christen the ferris wheel and take the first ride.

Part of the city's promotion of the event will include a contest to name the wheel and join the royal couple in one of the gondolas for a spin. It has also been rumoured that Mayor Cote would receive a unique honour - perhaps a special order of the British Empire - during the ceremony.

Albert Rose, the executive director of the London Eye, told the Record on Tuesday that the Eye carries over 3.5 million visitors a year and has exceeded all expectations for success. It was built in 1999 and started off as the British Airways London Eye, then was renamed Merlin Entertainments London Eye, then the EDF Energy London Eye and is now called the Coca-Cola London Eye. He refused to say how much the ride grosses per year, but did say, 'It's a very profitable venture."

According to a city hall source, initial meetings on the project involving an elite group of city councilors have been positive. Although the source did say some councilors are concerned about privacy yissues for condo dwellers.

The project was given the initial green light on the basis that the private developer of the project does not expect any city hall funds. But the city would be leasing the land the wheel is on in perpetuity to the wheel's owner.

A city councillor who did not want to be named said, "It's even a better deal than our huge read-a-board signs on the bridge and on McBride Boulevard - we will get a percentage of profits and not have to worry about upkeep or liabilities."

The same city councilor would not confirm that there would also be advertising signage on the wheel or that it was going to have Pepsi-Cola advertising on it. Unconfirmed sources have said that a major oil company is also interested in seeing its name up on the ride.

Apparently the wheel will be partially run on a unique energy generating system planted in the river. The system operates similar to a wind turbine electric generator, but uses the river's own currents and tidal action to transfer energy.

Again, Mayor Cote would not confirm or deny any of what the source said, but he did say, "I think an attraction that not only earns money for the city, but also operates on river currents in a very ecologically sound fashion would not only draw tourists, but also put this city on the map in a global way."

The Record contacted a Vancouver firm that is a leader in developing tidal and current-driven energy systems and was told that, in theory, the system could be built, but it would be tricky.

"You have to essentially have turbines that are fool proof - and there still has to be a backup system. There is a lot of debris in the river and you can't afford to have a huge tree end up jamming or destroying the system," John Lofoprila told the Record.