The news reports said that the assessed value was higher than $400K, but the assessment was droipped to $1 because of the costs of developing the park on the site.
That's rather odd, and sets a bad precedent in favour of developers who have large sites which will include future parks. It sounds like the developer may be able to appeal to have the area designated for the "future" park dropped to $1 (or at least reduce the assessment for the larger parcel.
i.e. Holborn and the Little Mountain lands...
Quote:
Originally Posted by theKB
Really implied that the whole "redevelopment" is a foregone conclusion as they are most likely waiting for that to happen to commence development.
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That parcel was always going to be a park even before the viaduct removal scenario (it is highly contaminated).