If there were sweetheart land deals in Vancouver that seemingly did not produce the affordable housing that was expected why is Tofino dancing with the same individuals?
There's the old story of the individual hitting his head on the wall being asked why he was doing it. The answer was because it felt so good when I stop.
Perhaps Tofino could save a lot of pain for its struggling taxpayers by stopping the THC before it goes any further.
Right now my head is feeling pretty bashed up over this but I'm at a loss why the mayor and council cannot see the tax trap that is being laid.
All of the accounting of this project is to gear a rent to the maximum for a particular earning level. Affordability is deemed to be achieved when that ratio is not exceeded. ie you earn $6000 a month you can pay 30% of that so $1800 a month. And that is what you will be charged.
I have yet to see anything on the cost of production and how the income stream relates to the cost of production.
Supposedly you give away land and fees to lower the cost of production to make something cheaper, Not here. The real cost of production is irrelevant to the rents being charged. They are set at the maximum people can pay. and there is no accounting for where the diference goes.
The suggestion that the rents were upped after all costs were, in tells you everything
This is just a different way to hose people. Eliminate their choices, heard them into one chute to the abattoir.
Here is a question. Can anyone answer? The proposed rates of rental will easily pay down the cost of construction in 20 to 30 years. What then.? The Sharp road deal runs for 50 years. Will Catalyst continue to receive all those revenues even though it's investment is recovered. That's a lot of money. millions and millions. Surely the project will return to the DOT at that point. Surely Catalyst as a not for profit, community minded organisation will return the project to Tofino when it's costs are recovered. Surely that is the deal. Right!
1:30 PM-- I totally agree with you. The "open letter" is a sham, a misleading piece of propaganda designed to promote and justify the goals of the proponents of the affordable housing scheme.
For example, look at this section of the letter:
The use of funds in progressing the proposed projects at Sharp Road and DL 114 and how they relate to the overall projected costs are as follows: Project Total Estimated Project Costs Funds spent to date by THC and Catalyst Sharp Road $4,545,000 $373,300 (8%) DL 114 $20,614,000 $1,044,000 (5%) The expenditure of funds at this stage is required to progress these projects and is a normal part of the property development process. The percentages expended at this stage of this project are in line with other property development.
NOT TRUE!! There's no way that any developer, in his right mind, would invest over a million dollars in designs and plans for a project, when the zoning of the property remains unresolved.
There's much more in the "open letter" that's false and misleading, including THC's claim that there exists sufficient water supply for the scheme.
1:30 PM, you're correct.... It's FAKE NEWS. And it was published by our municipal government, sanctioned by our elected officials and staff that are supposed to be acting on our behalf.
3:07 You are so correct, and one of the reasons developers and property owners stay away from the DOT Department of Sustainability Department, and Miscouncil. Cooperate and you get skinned. Many have spent hundreds of thousands trying to satisfy their requirements/demands engineered drawings, architectural designs, envornmnetal studies, ammenities agreements etc. only to get the bare faced NO. That's it, you are done. All before the basic use has been OK'd. Even when the OCP says it is OK.
All that money spent is the price of NOT doing business in Tofino
If there were sweetheart land deals in Vancouver that seemingly did not produce the affordable housing that was expected why is Tofino dancing with the same individuals?
ReplyDeleteThere's the old story of the individual hitting his head on the wall being asked why he was doing it. The answer was because it felt so good when I stop.
Perhaps Tofino could save a lot of pain for its struggling taxpayers by stopping the THC before it goes any further.
Right now my head is feeling pretty bashed up over this but I'm at a loss why the mayor and council cannot see the tax trap that is being laid.
All of the accounting of this project is to gear a rent to the maximum for a particular earning level. Affordability is deemed to be achieved when that ratio is not exceeded. ie you earn $6000 a month you can pay 30% of that so $1800 a month. And that is what you will be charged.
ReplyDeleteI have yet to see anything on the cost of production and how the income stream relates to the cost of production.
Supposedly you give away land and fees to lower the cost of production to make something cheaper, Not here. The real cost of production is irrelevant to the rents being charged. They are set at the maximum people can pay. and there is no accounting for where the diference goes.
The suggestion that the rents were upped after all costs were, in tells you everything
This is just a different way to hose people. Eliminate their choices, heard them into one chute to the abattoir.
Here is a question. Can anyone answer? The proposed rates of rental will easily pay down the cost of construction in 20 to 30 years. What then.? The Sharp road deal runs for 50 years. Will Catalyst continue to receive all those revenues even though it's investment is recovered. That's a lot of money. millions and millions. Surely the project will return to the DOT at that point. Surely Catalyst as a not for profit, community minded organisation will return the project to Tofino when it's costs are recovered. Surely that is the deal. Right!
ReplyDeleteJust asking
https://tofino.civicweb.net/filepro/document/105672/2020-07-17%20Community%20Bulletin%20re.%20THC%20(FINAL).pdf
ReplyDelete2:55 This bulletin has already been dismissed as fake news. Let's move on to a more productive discussion.
ReplyDelete1:30 PM-- I totally agree with you. The "open letter" is a sham, a misleading piece of propaganda designed to promote and justify the goals of the proponents of the affordable housing scheme.
ReplyDeleteFor example, look at this section of the letter:
The use of funds in progressing the proposed projects at Sharp Road and DL 114 and how they
relate to the overall projected costs are as follows:
Project Total Estimated Project Costs Funds spent to date by THC and Catalyst
Sharp Road $4,545,000 $373,300 (8%)
DL 114 $20,614,000 $1,044,000 (5%)
The expenditure of funds at this stage is required to progress these projects and is a normal part
of the property development process. The percentages expended at this stage of this project are
in line with other property development.
NOT TRUE!! There's no way that any developer, in his right mind, would invest over a million dollars in designs and plans for a project, when the zoning of the property remains unresolved.
There's much more in the "open letter" that's false and misleading, including THC's claim that there exists sufficient water supply for the scheme.
1:30 PM, you're correct.... It's FAKE NEWS.
And it was published by our municipal government, sanctioned by our elected officials and staff that are supposed to be acting on our behalf.
3:07 You are so correct, and one of the reasons developers and property owners stay away from the DOT Department of Sustainability Department, and Miscouncil. Cooperate and you get skinned. Many have spent hundreds of thousands trying to satisfy their requirements/demands engineered drawings, architectural designs, envornmnetal studies, ammenities agreements etc. only to get the bare faced NO. That's it, you are done. All before the basic use has been OK'd. Even when the OCP says it is OK.
ReplyDeleteAll that money spent is the price of NOT doing business in Tofino