Comment 116715

By kevlahan (registered) | Posted March 02, 2016 at 12:52:20 in reply to Comment 116714

Another option, never addressed, is that the City could borrow money to build affordable housing in the short term, and pay that money back using increased tax assessments from mixed income developments at 500 MacNab, Jamesville, Pier 8 and Barton Tiffany in the longer term.

The market value portions of these developments would pay a lot in taxes, and a lease model could allow the city to sell off land in the future to help pay off debts. I'm not an expert in real estate developments, but surely municipal borrowing could be part of the package.

This is one way to address Collins point about CHH being 'land rich but cash poor'. Businesses and individuals borrow against assets all the time and the City is well-placed to get excellent terms.

Given that interest rates are at historic lows, the land will rapidly increase in value and that demand for Hamilton property is rising it is a mystery why this option was not even considered.

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