New light rail system for Montreal by 2020. Seriously?

The prospect of a brand new light rail system criss-crossingthe greater Montreal area has commuters around the city dreaming of quicker rides into work.

There is no question about the ambition of the project;it'salready being hailed as Montreal'slargest expansion of publicinfrastructure since the Metro system was built.

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But large-scale public works projects in Quebechave somewhat of a mixed history. The rail system's backersare predicting the67-kilometre network will board its first passengersless than five years from now

It took almost 10 years, though,to complete a five-kilometre extension of the Metro's Orange line to Laval, and that end up costing$745million, hundreds of millions more than initial estimates.

Quebec politicians of all stripeshave also been announcing extensions of the Metro's Blue line for close to a decade,none of which of have yet to come to fruition.

Show me the money

Before a train leaves a light-rail station, $2.5 billion infunding still needs to be found. TheCaisse de dpt et placement du Qubechas only committed $3 billion to a project slated to cost $5.5 billion.

The balance is likely to come from Ottawa and Quebec.ProvincialTransport Minister Jacques Daousthinted the two levels of governmentwill split the cost between them.

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

But if that translates into respective commitments of $1.25 billion, the question is:where will that money come from?

The recent Quebec budget was criticized by transit groups forallotting little to their cause.

For its part, the federal government's budget earmarked $775 million for publictransit infrastructure inMontreal overthe next three years.

That, however, also has to fundwait for itanother proposed extension of the Blue line. In its latest iteration, the Blue line expansion is price tagged at $1.8 billion.

Ottawa has indicated that if it were to help pay for thethe light-rail system, it wouldn't do so untila second wave of infrastructure funding is announced next year.

"Minister [Amarjeet]Sohi recently met with Caisse de dpt et placement du Qubec to learn more about this project," Infrastructure CanadaspokespersonJames Chow told CBC Montreal in an email.

"The federal government looks forward to receiving a funding request, which will be analyzed in detail."

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Caisse, the difference maker

If there is an element about the light-rail project that has manyfeeling optimistic it will actually bebuilt on time, and on budgetit is the lead role taken bytheCaisse.

The pension fund struck a deal with the Quebec government in 2015 that gives it the power to finance infrastructure projects they deem profitable for their depositors.That is a source of confidence for Montreal's business leaders.

"It's the rigour of their analysis," saidMichel Leblanc, the president ofBoard of Trade of MetropolitanMontreal.

"We know that the Caisseis an organization that has to prove for the market that it's doing things with the proper approach."

The head of Conseil du patronat du Qubec,Yves-Thomas Dorval, pointed out the provincial government wasn't even present at Friday's announcement.

"The message is this will be a business decision for a fund manager," Dorval said.

"It will be a business decision that will have a positive impact for the population, for the environment, for the economy."

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