Canada's C$1.2bn P3 support fund, set up in September 2010 to assist P3 infrastructure projects, rejected the city's application to provide financing for its new downtown centre as it did not meet the criteria, according to local reports.
Moncton Mayor George LeBlanc said that the application "obviously satisfied [the Canada P3 Fund criteria] or they wouldn't have given us the money to assist the application."
It was reported that the city spent more than a year compiling the documentation for Round Three of applications to the fund, which could have provided up to 25% of the project cost.
The 30-year design, build and maintenance project fell under the fund's Culture Infrastructure category and would have resulted in a new recreation centre for the city, to include trade halls and exhibition facilities.
The project is now likely to proceed with additional private sector support, added Mayor LaBlanc.