This is pure idiocy from Ric McIver:
http://www.calgarysun.com/news/alber.../15648561.html
Quote:
axpayers shouldn’t front the bill for major developments like the East and West Villages — and they won’t if Ric McIver is elected mayor, he vowed Sunday.
“There’s no way the public should be subsidizing major developments like that and I will be looking to have somebody other than the citizens of Calgary take the risk,” he said.
The city borrowed $250 million to forge ahead with the East Village development and expect to recoup that money via property taxes from new developers expected to flock to the area over the next 20 years.
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CMLC just sold 15% of the available developable land in the East Village for a $300M project (no mention of how much it sold for). Someone tell me how this brownfield development isn't a good idea? No developer in Calgary would take on the challenge of the East Village, so the CMLC stepped in to build it. Meanwhile McIver will go ahead and increase the +$300M debt that the city has with Calgary developers like Carma.
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Who is in charge of this product and why haven't they been fired yet?
Last edited by kermitology; 10-11-2010 at 12:25 PM.
Reason: I misunderstood what the $300M was in regards to
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