Digital billboards are coming to Port Moody.
At its meeting Tuesday, city council adopted amendments to sign bylaws to allow the erection of two such billboards: one on Barnet Highway at the city’s old landfill site; the other at the intersection of Barnet and Ioco Road.
The billboards could earn the city up to $30 million over the next 25 years in a contract with Pattison Outdoor Advertising.
Under the terms of the agreement, the city will receive a signing bonus of $300,000 for each sign, then the greater of a guaranteed minimum annual average of $377,000, or 45% of ad revenue generated by the billboards. Pattison Advertising estimates that could be more than $590,000 a year for each sign.
As well, the city may use 10% of the available advertising slots free of charge to promote city and community events, notices and construction advisories. Emergency messages and amber alerts would also be displayed for free and city businesses would get a 20% discount for their ads.
Port Moody’s general manager of finance and technology, Paul Rockwood, said the revenue from the billboards would allow the city to hold the line on annual increases to the tax rates.
Coun. Zoe Royer estimated that could amount from $55 to $78 a year per household.
Coun. Meghan Lahti said the money is just too good to overlook despite concerns raised by several residents during a town hall that preceded Tuesday’s council meeting.
“The amount of benefit to the city is going to be significant,” she said.
Coun. Amy Lubik said: “I know they’re not pretty but we really don’t have any other options.”
She and Lahti were joined by Coun. Diana Dilworth in supporting the bylaw amendments to allow the signs, while Royer and acting mayor Steve Milani voted against. Coun. Hunter Madsen was absent.
