An architctural model of the Vancouver Convention and Exhibition Centre expansion. CREDIT: The Province

The bill for Vancouver‘s expanded convention centre went up another $40 million before the deal was signed yesterday.

The good news? The extra is covered.

The price tag for the centre was originally put at $495 million, but Victoria and Ottawa recently added $20 million apiece to the mega-project.

In total, they’ve committed $535-million to build the new waterfront centre by 2008.

The two governments are kicking in $222.5 million each, with the other $90 million coming from Vancouver‘s tourism industry.

The extra $40 million will pay for two covered walkways between the new and old convention centres, and an upgrade to Canada Place.

Federal Environment Minister David Anderson said the project includes a new centre on Burrard Landing, which will triple Vancouver‘s convention capacity.

It will also feature an upgrade to Canada Place and link the two sites into a single convention and exhibition centre.

“B.C.’s already stellar international reputation as a destination of choice for conventions is about to go up,” Anderson said.

“Large international conventions will now be able to come to western Canada.”

John Les, B.C.’s Small Business Minister, said the project will cover the equivalent of four city blocks and would prominently feature B.C. wood products.

“We will bring this expansion in on time and on budget,” Les said. “This project is now ‘good to go’.”

The province will front the $90 million for the Vancouver tourism industry, which will repay it in a “contribution agreement” over 30 years.

Tourism Vancouver chair Terry Bubb said the repayments will come from its room tax revenues, and possibly a voluntary levy on the city’s tourism businesses.

The new centre will be entirely owned and operated by the B.C. government.

Canada Place was built for Expo back in 1986, and is at capacity. Les said $100 million in convention business was turned away last year because it’s too small.

The B.C. government bought the eight-hectare site last year for $27.5 million from Marathon Developments Inc.

Work will begin later this year. It’s expected to create 7,500 new full-time jobs.

© The Vancouver Province 2004