Multipurpose Arena Indicative of future P3s
by Dwayne Peverett

Victoria is progressing in many ways. Finally, after three referendums, it
is exciting to see Victorians take the plunge and support a new
multi-purpose arena. If all goes as planned, by 2004, Victorians will have a
modern, new arena with a seating capacity of 7,000 and an updated look. This
venue is intended to have the ability to bring and keep business within the
Greater Victoria region as well as provide residents with the entertainment
and sporting events that have traditionally passed us by.

The multi-purpose arena is more than an updated venue intended to foster
business growth- it stands for two things. It not only shows that residents
and business owners are ready to invest in opportunities, but it is also a
prime example of a willingness to invest in Public Private Partnerships
(P3s) as a means to achieve these opportunities. Especially with the recent
government funding cuts, it makes sense to pool resources and transfer risk
to finance development projects. As the city works together with the
Vancouver-based company, RG Properties, to build this arena and private
investors see the positive growth and change, citizens of Greater Victoria
will see why P3s have started to become more commonplace. Only then can it
be clearly seen that the benefits outweigh the challenges associated with
P3s.

"The reality for Greater Victoria and many other communities in BC is that
P3s are the future," said Laurene Clark, CEO of the Greater Victoria Chamber
of Commerce. "Only through Public Private Partnerships will the region be
able to provide these kinds of positive projects. The best approach is to
ensure we have the knowledge and capacity to make them successful."

Not surprisingly, at this time, the multi-purpose facility is the main P3
role model for the region. Business owners and investors will be watching
carefully- to find out more about the project's benefits and returns.
However, as the government makes the transition from the role of a main
provider of services and funds to the enabler of projects, more and more
partnership opportunities will arise. The challenge for business will be the
ability to take advantage of these opportunities and the capacity to accept
the risk associated with this type of partnership