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| An update on what is ahead for the CN building at Rotary Waterfront Park is on the agenda for tonights Prince Rupert City Council Session |
What the City of Prince Rupert has in mind for the vacant and in need of much renovation CN Station at Rotary Waterfront Park, will be the topic for a presentation from Charles Maddison, one of the principle architect with Vancouver based Boni Maddison architects.
The session that will preview the plans set to take place as part of the Committee of the Whole Session at tonight's Prince Rupert City Council session which has been moved to the Lester Centre of the Arts for the night.
In some notes attached to the Agenda for this evening's session, some of the themes for Council to consider later on in the evening are outlined, included in the package are some drawings of the site.
The Boni-Madison presentation will focus mostly on the state of the building and the plan for renovation of it.
The opportunity for the Mayor to expand on the city's vision for the Waterfront structure will come as part of tonight's Regular Council Session.
At the time the City posted a public notice to seek out public comment related to the proposed property lease, the deadline for comments related to it expired at 4 PM on Friday, the comments, if any, relayed to the city could be part of tonight's Regular Council discussion.
The waterfront station plans are part of the City's larger Prince Rupert 2030 Visio plan you can review some of those elements here.
I hope the city will be expaining in detail how this is a good deal for the taxpayer. The finances don't make sense. It seems to be like the federal goverment deficeit financing.
ReplyDeleteI would anticpate the projection of building cost and return on investment. If we are gooing into coomercial leasing we should not me leasing at a lose.
Looking back at recent city related real estate announcements.
ReplyDelete- $1 / 60 year lease for 1.4 acres of undeveloped land, for the 11th Ave development
- $92 000 for undeveloped land on 9th Ave W lot, sold to SD 52 for the new middle school
- 6700 sqft of prime waterfront commercial lease space for $1486.87 a month for three years. ($53520/36 months)
- 2518 sqft lease for $422.83 a month for Bob's on the Rocks, ($5074.79/12 months)
These deals may have the following impacts;
- Outside investors could be wary of city hall's participation in the real estate market and park their money elsewhere.
- Current local investors will have to adjust as city hall has influenced the local commercial lease market.
- The unbudgeted improvements for some of these city led development proposals may result in unforeseen costs that taxpayers may have to carry.
- The perception from residents that city hall is not getting the most out of land assets.