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Ottawa city councillors are being asked to approve the contract for the $4.66-billion Phase 2 LRT project by March 6.

Notwithstanding ongoing efforts to secure the provincial $1.2-billion share of the project, it was revealed in a technical briefing last week that the cost of the project is more than $1 billion over the original target – owing in part to a longer than anticipated construction schedule and higher than expected construction costs.

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The city has reported that it plans to cover the higher than expected cost of the project using an additional $700 million in debt, to be paid back over the next 30 years.

That debt and the related interest will have to be repaid through tax or other revenues. But let’s be clear: Ottawa taxpayers will largely be on the hook. And beyond bridging a funding gap, this financing approach will do little to draw more users to the eventual LRT or promote its wider benefits.