City Hall Land Deal

[darklord700]

http://calgaryherald.com/news/local-...loper-purchase

"After the asbestos removal contract, the city will only gain $2.83 million — minus the teardown costs."

This is the last remaining prime river front plots of land, a stone throw away from the Peace Bridge, and we are getting only $2.83 minus demo cost for it.

I am guessing the demolition will cost more than $1M so bascially, we are getting around $1.5M for this prime plot of real estate equivalent to maybe 2 average shoe box units when the new condo is built.

If a private company did this deal, heads will certainly roll.

Now I wonder why my property tax goes up each year.

[Northendzone]

it will be itneresting to see how much the developer sells the developed spaces for

but yeah, it seems like a very good deal for the developer

[Tyler]

Originally Posted by darklord700

Now I wonder why my property tax goes up each year.

Yes, your property taxes are directly related to one-off land sale deals that stall due to developer and environment abatement hold ups

[Cappy]

Looks like it was part of a larger deal involving different parts, including La Caille building an 88-unit affordable housing complex.

Also, While some say I am a big proponent of small government, I think the City made the call to improve the city and was not solely focused on maximizing potential returns - rightly or wrongly.

[GGG]

Seems reasonable, This deal was effectively made in 2006 and closed in 2010. The price for the sale was based on the 2006 value.

Nenshi when he was elected had an independant review done of the sale and it found no wrong doing.

[MacDaddy77]

what impact does this have on setting a land value for West Village arena development sale

[Drummer]

Am I correct in that Bronco had/has a close friend at La Callie and pretty much decided on behalf of council to do this land deal?