Port Burwell submarine in financial trouble
Without financial support from government, residents may see 10 per cent tax hike
CBC News Posted: Mar 20, 2015 4:53 PM ET Last Updated: Mar 20, 2015 5:24 PM ET
The future of Port Burwell's Cold War submarine may be in danger.
A $6 million loan used to bring the attraction to the town of less than 7,000 is due Friday.
The HMCS Ojibwa served as a Soviet nuclear submarine-hunter during the Cold War. The Elgin Military Museum brought it to Port Burwell in 2012, and it was opened as a tourist attraction last summer.
In the initial proposal from the Elgin Military Museum to develop the attraction, it was estimated the sub would bring $14 million in potential annual revenue for the small town.
The expectation was for there to be tens of thousands of visitors, and for the Ojibwa to serve as a part of the "Ports of Elgin" tourism development. But those plans never materialized, said Jack Preston, MP for Elgin-Middlesex, who supports the project.
"There was a solid business plan in place, but at this point I would suggest it didn't go as well as planned," Preston said.
Without financial assistance from either the federal or provincial government, ratepayers in the municipality of Bayham may be facing a tax-increase of 10 per cent.
Melissa Raven, a tour guide who brings guests through the sub, said once tourists visit, they are left impressed.
(...SNIPPED)
