Comment 64083

By Nord Blanc (anonymous) | Posted May 27, 2011 at 11:16:26 in reply to Comment 64080

And if you're looking to rent...

"Staff have estimated the expected tax impact of purchasing the rehabilitated Lister Block and moving City staff from other currently leased space within the Downtown core area into Lister. The tax impact in 2012 is estimated to be approximately $1.3 million... less any revenues realized by the leasing of space for retail purposes. It has been estimated that the market rate for commercial retail space would be approximately $25.50 per square foot on a gross basis. For example, if 2,000 square feet of space of the rehabilitated Lister Block was
leased out for retail purposes, the City could expect to earn approximately $51,000 in annual gross rent. Therefore, the net impact would be $1.25 million annually.... The annual municipal tax impact of this original proposal was estimated to be approximately $312,000 to $364,000 assuming the City was to lease 60,000 square feet in a new building of 120,000 square feet."

Excerpted from Lister Block – Agreement of Purchase and Sale (FCS08060)/PED08168/CM08018)

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