Backers of Banff/Calgary passenger rail project say they need provincial yes or no

The backers of a proposed passenger train that would connect Calgary to Banff say they are waiting for a yes or no from the Alberta government before proceeding to the detailed design phase.

Liricon Capital Inc., which owns the Mount Norquay ski resort, has asked the province to commit $30 million annually over the life of the train to help cover the project’s mortgage.

Jan Waterous of Liricon Capital says the provincial commitment is necessary before moving to the next step.

Liricon has already secured a commitment from the Canada Infrastructure Bank to cover half of the capital costs of the train. The remainder will be covered by Liricon, its project partner Plenary Americas, and debt financing.

Liricon holds the long-term lease for the Banff train station and is proposing to build the tracks for the passenger train along an existing CP Rail corridor.

Waterous says Liricon had hoped to have an answer from the province by this point but is optimistic a decision will come soon.