Tobiano developer Mike Grenier has vowed that a proposed marina for his resort development will go ahead despite a lack of federal funding.

But the developer said the project is certainly delayed after he put months of work behind the promise of $1.5-million in low-interest loans from Ottawa that would underpin the $5-million marina.

“We haven’t been able to move forward. That (government finance) was a critical part of the overall financing.”

Grenier was shocked late last year when he was informed funding under the government’s economic stimulus plan was fully allocated, leaving his project high and dry. He did extensive work on the application based on interest from bureaucrats.

But the project wasn’t approved before money from Ottawa dried up.

“I’d like to know how we stack up against other projects, he said, mentioning levering of other private sector funds and job creation.

MP Cathy McLeod said the Western Economic Diversification fund under which Grenier applied was massively oversubscribed. There is nothing in this month’s budget to add to those funds.

Despite the lack of federal money, Grenier vowed the project – 140 slips and a floating breakwater – remains on the books as a key project for the housing development on Kamloops Lake.

There is no timeline for construction. Financing must be completely rewritten and new money obtained to replace the missing funds from Ottawa.

Grenier said there is high demand from Kamloops boaters to rent marina slips, particularly due to increasing traffic and boat launch waits on the South Thompson River.