City shoulders cost to shut down Nanaimo tech hub Apr 11, 2017 12:42 PM

NANAIMO — Shutting down the final piece of the Nanaimo Economic Development Corporation (NEDC) will be an expensive exercise for the City.

On Monday night, Council received a staff report showing nearly $150,000 worth of expenses related to winding down SquareOne. Buyout costs for Nanaimo’s tech incubator include more than $88,000 left on a contract for internet services with Shaw Cable and $50,000 remaining on a lease for furniture.

According to the report, the City currently pays $1,380 on a month-to-month contract for internet services shared across all facilities. The report said by assuming the SquareOne internet contract, at nearly $6,000 per month, and cutting the existing City service, it will save the cost of buying out the contract from Shaw.

“I’m trying to figure out how we’re actually saving money,” coun. Gord Fuller said. “I get it’s for all the facilities…but I still don’t see how there’s any savings, so I wouldn’t call it a savings.”