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Future of Waterfront Trust on the agenda for Council

Future of Waterfront Trust on the agenda for Council

The Hamilton Waterfront Trust is about to undergo a comprehensive financial analysis by the city, including an analysis of whether the organization is sustainable. The question is whether the activity comes at a time when there is some suggestion the organization itself may be preparing to wind down. Sources familiar with the organization say there are no more large construction projects related to waterfront development that the HWT could undertake. Over the past few years, the HWT has relied on the income from managing site preparation contracts for the city for its survival. Even with the contracts HWT still experienced financial deficits in successive years.

Staff produced an analysis that showed the organization is experiencing a decrease in assets, equity, and cash. On the positive side, liabilities have decreased as well. The staff analysis did not make recommendations or conclusions, but a second agenda item recommended a $50,000 study into the sustainability of the organization. Also on the agenda for the Thursday meeting will be a report by Werner Plessl, Executive Director of the Waterfront Trust. Trust member Jason Farr had promised last month that the future of the HWT would become clear at this week’s meeting.

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