Hamilton’s mayor reacts to Waterfront Trust issues

Hamilton’s mayor says it may be time to take a closer look at the Hamilton Waterfront Trust and its financial sustainability. The agency– set up almost 20 years ago to bring people to the waterfront– has struggled to operate in the black and is costing taxpayers money.

Hamilton Mayor Fred Eisenberger admits the Hamilton Waterfront Trust isn’t financially sustainable, but says that hasn’t always been the case.

“I think they have done amazing things with limited resources and the question now is what happens going forward.”

The arm’s length agency was charged with redeveloping the waterfront, which they did, building a series of waterfront trails, opening the popular Williams café and a year round rink and trolley. But financial statements show the trust has operated at a loss for the last five years. It relies on city cash- about $300,000 each year.

It’s business units, like Williams, don’t generate a profit.

“We are not a break-even organization. Sometimes we are a little under, sometimes we are a little over, but for the most part we are able to sustain our businesses, grow our businesses,” said Jason Farr.

City council has continued to support the trust over the years, giving them cash and different contracts, but former mayor Bob Bratina was highly critical of the organization.

Two years ago he said “the last board meeting that I attended, the financial auditor said the following, “you are losing money in almost every one of your departments and divisions and you are not sustainable. It’s time has come, it’s pretty obvious to any knowledgeable observer.”

And the current mayor says “I think we are going to have to make an assessment and have a discussion about the future of the trust whose interest is it operating under and how does it continue to sustain itself. And if it can’t then we need to have that discussion in terms of whether the city of Hamilton ultimately then takes full ownership and control of those resources.”

But sounds at odds with the opinion with waterfront trust board member Jason Farr who says “we are more than happy to report today that everything is looking like roses and things are looking up down here by the waters edge.” Saying it’s fulling it’s mandate to bring people down to the water.

The trust owes the city $325,000 in unpaid taxes and has spent thousands in a legal dispute with Sarcoa.