Ambitious light rail project for Montreal proposed by Caisse de dpt

Quebec's pension fund,theCaisse de dpt et placement du Qubec,is proposing to fund an ambitious new commuter rail line thatwould change the face of public transitin Montreal.

The electric, fully automated 67-kilometre rail line would connect 24 stationsstretching from the South Shore to Montreal's Trudeauairport and beyond, to both theWest Island and Laval.

Under the proposal, trains would operate seven days a week from5:00 a.m.to 1:00 a.m.

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The system would use a combination of existing and newly built stations and would fulfil two long-standing demands of commuters, the Train de l'Ouestand light rail on the new Champlain Bridge.

The Caisse says it's willing to invest $3 billion in the $5.5-billionproject.The province and the federal government would have to makeup the rest.

The plan is to have the trainrunning by 2020.

'Priority number one'

The head of the Caisse,Michael Sabia, made the announcement at a news conference Friday morning and rejected anysuggestionthe project would be subject todelays and cost overruns.

"I don't think about failure. I think about success. Putting the puck in the net. That's what we do at the Caisse," Sabia said.

"We are taking the risk here. This is unusual. Usually it's governments that take the risk."

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Montreal MayorDenis Coderre, who wasat the announcement,backed the proposal and called on the federal and Quebec governments to offer their support.

"It's probably one of the greatest projects we've seen in [public transit]in the last 50 years," Coderresaid.

"We will all work together to make sure its priority number one for the sake of our cities, our economy and, most importantly, our people."

Following the news conference,Quebec Transport Minister Jacques Daousttold CBC Newsthe project was a "great announcement."

The next step, he said, is to come toan agreementwith the Caisse and Ottawa on funding.

"We expect the federal government to match us," he said. "We will do our fair share on this, don't worry."

Transport Canadadid not immediately return a request for comment Friday.

Caissecalls project an 'investment'

The agreement with the province represents a major policy shift for the pension fund.

Itscurrent mandate is to maximize returns for retirees in the province while helping to grow Quebec's economy.

TheCaissecreateda subsidiary,CDPQInfra, that will plan, finance, develop andoperate the rail project.

Sabiasaid the new transitsystem "will also deliver long-term, stableinvestment returns very well aligned with the needs of our [investors], the people of Qubec."

Largest project since Metro system

The projectrepresents thelargest public transportation infrastructure project in Montrealsincethe construction of the Metro system,inaugurated in 1966, the Caisse said.

Last year, theCaisseannounced a partnership with the province to take onthe financingof public infrastructure projects,beginning with public transit.

The Caisse isone of Canada's largest investment managers withassets estimated at $214 billion.

West Islanders welcome plan

Residents on the West Island, who have been pushing for a new rail line, expressed excitementabout the proposal.

• MAP| Clickhere for a detailed view ofthe 24 stations

Clifford Lincoln, a spokesman fortheTrain de l'OuestCoalition,said the service is needed.

"We need to get cars off the road," he said.

"It has taken years, but sometimes it's worth the wait when you get thebest possible answer in the end."

He said the fact that it will be a new dedicated electric rail for the West Island portion will make a huge difference.

Maria Tutino, themayor of Baie d'Urfe, called it "great news."

"The people from the West Islandcan finally get out of their cars anduse the public transportation like others," she said.

Timeline of the proposed project

The Caisse aims to have the new line running within four years. Here is a timeline of the next steps involved.

• Spring 2016 Consultations.
• End of summer 2016 Environmental impact public hearings (BAPE).
• Fall 2016 Call for proposals with qualified consortiums.
• End of 2016/beginning of winter 2017 Final decision required from governments.
• Winter 2017 Environmental decree.
• Spring 2017 Financial closing.
• Spring 2017 Start of implementation.
• 2020 Operation of first trains.