FOR IMMEDIATE RELEASE
DATE:  November 9, 2005
MEDIA CONTACT: Colleen Rohde, Director of Economic & Strategic Development
TEL:  604-469-4505

PORT MOODY – As part of its Council Strategic Plan, the City of Port Moody initiated a process to select an investor and restaurant operator to lease city-owned land in Rocky Point Park. The successful investor will then build and operate a new waterfront restaurant, and provide community amenities.

This is a complex project requiring a private investment of over $5 million. Several firms expressed an interest in working with the city on this exciting project. In response to the city’s Request For Proposals (RFP), three firms provided submissions. These firms are The Flying Fish Restaurant, the Spectra Group of Great Restaurants Inc. and Sequoia. On September 1, Port Moody announced that it had rejected the proposal from Sequoia.

City officials were impressed with the proposal submitted by the Flying Fish, a local seafood restaurant with an excellent reputation that has become an institution in Port Moody. It is with regret that the city is announcing that the Flying Fish proposal does not fully meet the city’s criteria as detailed in the city’s RFP.

The financing package offered by the Flying Fish was assessed as too risky. The city is willing to release the financial information provided in support of the Flying Fish proposal, however the city requires the authorization of the Flying Fish owners to do so.

The project will be developed entirely as a private investment, with no financial support from the city. The project also involves a lease that will last for several decades. City officials are being extremely cautious in their approach because they feel that the long term interests of all taxpayers are at stake.

Port Moody is now negotiating with Spectra, a company listed on the Toronto Stock Exchange that operates the Boathouse restaurants. Port Moody continues to exercise prudence and the highest level of due diligence. Port Moody Council is fully prepared to reject the only remaining proposal as well – unless it is clearly proven to be in the best interests of the city in the long term. Should Spectra’s Boathouse proposal be rejected, the city would reconsider its options during the next Council Strategic Plan session in January 2006.
 
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