Exhibit #3: The Province Opinion Editorial, September 31, 2014 (edited)[4] Based on the opinion editorial, the city lost $100 million on the land while the developer who bought the last 67 units, <AD&C>, gets more than enough tax credits out of the deal to cover his costs, effectively getting the units for free with further possible profits.
In summary:
- Only $70 million was recovered on the remaining $170 million owed by the developer on the original land purchase from the city. Therefore, taxpayers lost about $100 million directly attributable to all the delays at the project's inception, followed by the things that <GR> said to harm the project's value. That last $100 million could have built 1,000 social housing units, or bought the whole Arbutus rail corridor.
- Millennium Southeast False Creek Properties Ltd., the original developer, suffered losses on the project estimated at $400 million — separate from what Vancouver taxpayers lost.
- The final bulk purchaser paid $91 million to take direct control of the original development company, which included the 67 remaining suites that were worth about $71 million; the remaining $20 million was paid to acquire the estimated $400 million in tax losses.
- Canadian taxpayers are now paying for the city's mistakes because about $104 million of otherwise payable income taxes — 26 per cent of $400 million — may never get paid, which harms the entire Canadian social system.
4. According to an email from Neighborhoods for a Sustainable Vancouver, October 1, 2014.
|
Exhibit #2: The Province News, 