Developer awaits answer on proposal for old Moncton high school

The spokesperson for a group wanting to redevelop the former Moncton High School building says he was hoping for an answer from the city of Moncton by now.

MH Renaissance Inc. submitted a business plan for a performing arts centre and office space to the city and the province onJuly 27.

Dennis Cochrane, the group's president, said he's hopeful the matter will be settled soon.

"We thought it would have been done long before this however they're now telling us it looks like February which is fine. They have to do their due diligence." he said.

Seeking funding

Cochrane said the capital cost of the project is$22.3 million.

"We've indicated what we wanted the city to contribute, what we wanted the province to contribute and then there would be a mortgage of around $10 million that would be carried on that part of the building," he said.

The group is asking for $2,358,000 from the City of Moncton.That includes a capital contribution, a 10-year operational heritage grant and a $575,000 lease for library space.

We've met with the accounting firm to establish that model and we're looking at the very same kind of thing.- Dennis Cochrane

Cochrane is also counting on approximately $6 million from the province.

"A building of that size with that structure would probably cost something in the area of $6 million to tear down so we've made it clear to the province we were looking for a dollar sign in the area of that plus obviously we want them to put some space in the area." he said.

The group will also be looking for funding from the federal government.

Cochrane said the government sets aside money for heritage building and things like sound systems and lighting systems and the group has already applied for funding.

The group will also try to raise between $3.5 million and $4.5 million.

"We've had a number of graduating classes of Moncton High come forward and say they'd like to make a contribution," said Cochrane.

"We're obviously going to replace all the chairs in the auditorium its quite common to sell chairs to people that want to have their name on them.Plus the name on the theatre, the name on the atrium out front will generate a certain amount of revenue."

Generating revenue

Cochrane saida community-based, not-for-profit foundation would oversee the project.

The foundation will control a subsidiary, for-profit building corporation responsible for operations of the facility.

Revenue would be generated by renting out the "classroom section" of the building.

"What happens is that pays the mortgage and at the end of the year whatever is left goes over to support the Centre for the Performing Arts which will be the home to the Atlantic Ballet and some other groups and so on that will use the auditorium and the gymnasium and so on."

The MH Renaissance Inc. modelled its business plan on the Friends of the Moncton Hospital Foundation.

"They own and run 100 Arden Street where most of the doctor's offices are. At the end of the year whatever profit is left goes over to the Friends of the Moncton Hospital.That's the very same kind of project.We've met with the accounting firm to establish that model and we're looking at the very same kind of thing," said Cochrane.

Hesays construction could begin as early as May if the city backs the business plan and it could be completed by 2018.

CBC News contacted the City of Moncton to find out where the project stands.

Spokesperson Isabelle LeBlanc says they plan to provide an update later in the week.

• Moncton delays vote on turning old high school into cultural centre