Raise the Hammer

Ryan,

Agreed, good things are in fact happening downtown.

With respect to the annual report though, I think the good and the bad should presented. For example:

The loan program: loans have been given to condo developments, some of the loans for condo developments are outstanding. When a unit sells the loan is paid back in full at a higher rate then loaned. Should the report not explain why the condo's are not selling from a market standpoint rather then simply saying they are gradually being paid back.

Residential units: the 2007 report noted that it was a year of planning approvals and 2008 would see the issuance of building permits for 400 units (conservatively). There were only 17 units in 2008 and no explaination given the previous year's forecast.

Hamilton Realty Capital Corporation: exactly the same statement as the previous year.

Other projects were highlighted in the 2007 report, there is no mention of them in the 2008 report.

What about the municipal corruption police charges between city staff and a developer. Where is that in the process? Not that it should appear in the report due to legalities.

Construction activity: comparison of 2001 figures to 2008. Has inflation been factored in? You could get a lot more with 2001 dollars compared to 2008 dollars.

New businesses: how does this compare to the lost businesses? Given the numbers, it appears that a new business celebrated two years ago left and were replaced with a new businesses being celebrated this year. Revolving door, why?

What is the business case to continue with the program ie. costs (wages, benefits, operating and capital costs) compared to revenues. I'm not saying the program should not continue but you can't simply look at one side of the equation.

A board of directors in the private sector would ask these pointed questions, I doubt that this City Council will. The professional thing to do from a staff perspective would be to provide a full analysis not simply look at one side of the coin. That is why this annual report is looked at as pure spin doctoring.