Comment 45645

By Shempatolla (registered) - website | Posted August 13, 2010 at 15:41:37

Reuben. The Tiger Cats plan is to acquire up to 100 acres of the ORC lands in addition to the 18 acres of the "Ear Lobe" piece at the junction of the RHVP and LAP. Of this approximately 60 acres is needed to provide up to as many as 6600 parking spaces. However borrowing this money (like $40 million) to pave a parking lot is not going to give a good return on investment. So the plan calls for an addtitional 40 acres to develop commercial/retail properties to lease/sell etc to pay off the parking lot. What the city balked at is the additional $80 million plus required to acquire these lands, install infrastructure (roads, sewers, storm water capture, hydro etc) and accelerate the install of these things and sacrifice those works in other areas of the city that have been waiting years. Additionally the city would lose the development fees for those lands and any subsequent taxes on them which could be up to $5.8 million per year. Its a crap deal and there is no way council could support it.

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