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Nov 11,2005 - Now News

 

By Angela MacKenzie - Staff Reporter

The City of Port Moody announced Wednesday it is now negotiating only with the Spectra Group of Great Restaurants Inc. to build a restaurant at Rocky Point Park.

Spectra Group operates the Boathouse and Milestones restaurants in the Lower Mainland.

Earlier this year, the city had narrowed its choices down to restaurant proposals from Spectra and the owner of the Flying Fish Restaurant in Port Moody.

The city issued a press release Wednesday stating it was impressed by the proposal submitted by the local seafood restaurant, but that "the financing package offered by the Flying Fish was assessed as too risky."

The restaurant project is to be developed entirely as a private venture with no financial support from the city, and the complex project is expected to require an investment of more than $5 million.

The successful investor will build and operate the waterfront restaurant on city-owned land under a lease that would last for several decades.

Port Moody council may still reject the only remaining proposal, the press release states, if it does not prove to be in the best long-term interests of the city.

If Spectra's proposal is rejected, the city would look at its options during the next strategic planning session in January 2006.

published on 11/11/2005

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