Edmonton Construction 12 (December 2013)

[Daveography]

^ Definitely agree. Vision and leadership does not mean "BUILD ALL THE SHINY THINGS!", it is being smart about what to build, when is a good time to build it, and being smart about the costs, financing, and managing risk.

[Kevin_foster]

So, Glenora Skyline still remains stalled. Anyone have any idea on the progress with this one? Multiple liens, lawsuits and no communication whatsoever from the developer.

I know a few people who bought units in there. Man, that sucks !

[Daveography]

Blog post from Mayor Iveson about the Galleria decision; well laid out as usual:
http://doniveson.ca/2014/04/16/reflections-on-the-galleria/

The motion was in two parts, with the first pertaining to finding partners for the underground pedway connecting the Royal Alberta Museum and lands immediately north of 103A Ave. But it’s the second part that deserves the most attention. Within the wording is an important set of caveats on next steps for land transactions: ‘…subject to the City receiving written confirmation of financing and financial commitment for the Galleria Project from the Province of Alberta for the University of Alberta, a major office building tenant, other office building tenant and retail tenants…’. Those key words are how we will ultimately ensure the project is viable, and therefore that the risk to the city is minimal. It also ensures the full vision for the project can be realized. Building our downtown into a vibrant core is something all of council believes in, and having the University of Alberta in its heart is an inspiring idea. But the City requires certain assurances of financial viability to make our involvement viable too.

[EdmTrekker]

Originally Posted by RTA

Blog post from Mayor Iveson about the Galleria decision; well laid out as usual:
http://doniveson.ca/2014/04/16/reflections-on-the-galleria/

He is picking hairs off someone's balls. You see how the Mayor is risk adverse ... no big ideas coming from him. These key Edmonton philanthropists will be deaf to him in the future.

[MalcolmTucker]

This project if it proceeds is on the path to being paid for almost totally by the provincial government. To act like it is a philanthropic gift is a bit odd.

[EdmTrekker]

Originally Posted by MalcolmTucker

This project if it proceeds is on the path to being paid for almost totally by the provincial government. To act like it is a philanthropic gift is a bit odd.

BS. Totally?? Show us your math if your so informed.

[EdmTrekker]

Originally Posted by MalcolmTucker

This project if it proceeds is on the path to being paid for almost totally by the provincial government. To act like it is a philanthropic gift is a bit odd.

BS. "Almost" Totally?? Show us your math if your so informed. TIP: Before you open your mouth remember the Province does not provide all the $$ comprising the UofA budget...

[kcantor]

Originally Posted by MalcolmTucker

This project if it proceeds is on the path to being paid for almost totally by the provincial government. To act like it is a philanthropic gift is a bit odd.

if you have any actual information that confirms your projected path or even supports your projected path, you should share it. otherwise your projected path is nothing but personal conjecture and your conclusion a bit odd given the private equity being given to the project and the private sector rents that will be paid to the project...

[MalcolmTucker]

The profit from private sector rents, paid by the U of A for pedagogy space isn't a gift. 650k sqft from the U of A, 300k sqft from the private sector which may be hard to fill unless they have secured Stantec or decided to let the government take the space.

So best case, the province pays 68%. The U of A space is not being paid for by the trust, and isn't accounted for in their Comprehensive Institutional Plan.

[EdmTrekker]

Originally Posted by MalcolmTucker

The profit from private sector rents, paid by the U of A for pedagogy space isn't a gift. 650k sqft from the U of A, 300k sqft from the private sector which may be hard to fill unless they have secured Stantec or decided to let the government take the space.

So best case, the province pays 68%. The U of A space is not being paid for by the trust, and isn't accounted for in their Comprehensive Institutional Plan.

You don't know what you are talking about. You are not credible.

[MalcolmTucker]

Who is paying for that space then, if it isn't the university or the province?

[EdmTrekker]

Originally Posted by MalcolmTucker

Who is paying for that space then, if it isn't the university or the province?

The UofA is NOT the Province. Can you get that through your head?? That's a first step in your enlightenment.

[CMD UW]

Originally Posted by EdmTrekker

He is picking hairs off someone's balls. You see how the Mayor is risk adverse ... no big ideas coming from him. These key Edmonton philanthropists will be deaf to him in the future.

The Mayor is also only one vote. It is obvious that the other councillors want more information before committing to this project. I would say that is being responsible to the taxpayers of Edmonton. Reality is that there are some big question marks regarding this project. And the Province has to be on board to make it work.

[MalcolmTucker]

Originally Posted by EdmTrekker

The UofA is NOT the Province. Can you get that through your head?? That's a first step in your enlightenment.

The U of A is not going to fund this out of existing monies. Where is the savings offset in their plan for this? There isn't any.

[EdmTrekker]

Originally Posted by CMD UW

The Mayor is also only one vote. It is obvious that the other councillors want more information before committing to this project. I would say that is being responsible to the taxpayers of Edmonton. Reality is that there are some big question marks regarding this project. And the Province has to be on board to make it work.

The Province has a relationship with the University not the Galleria project or City on this matter. Are you suggesting that the Province should write to the City authorizing the University...to do what? ... make a business decision that the arms length and unquestionably competent UofA Board of Governors is mandated by Act to do? Obviously you do not understand the role of governance of arms length organizations...and in particular the UofA. I suppose if the Province wants to meddle it could take over the entire Post Secondary Education system like in a communist country and run it the way it runs Alberta Health and its extended meddling in math instruction. Maybe Minster Johnson is power hungry enough to provide lessons to the PC caucus on the benefits of Chinese central planning...tomorrow it will be instructions to famers on how to increase wheat production. Let me know when the Province chimes in and satisfies your or the City's request for written authorization.

[MalcolmTucker]

The U of A BOG can sign a deal all they want, but it is then their responsibility to find the money to pay for it. The U of A has asked the province to pay for it.

[EdmTrekker]

Originally Posted by MalcolmTucker

The U of A BOG can sign a deal all they want, but it is then their responsibility to find the money to pay for it. The U of A has asked the province to pay for it.

Please provide a weblink to the Board of Governors motion for the "ask" you refer to. Or provide the basis of fact that supports your statement.

I have no doubt there are discussions ongoing by the University with many of its donors and funding sources (the GoA being just one) albeit an important one. But I am not privy to the "ask" that you state you know.

[MalcolmTucker]

$35 million a year (if rates are comparable to Epcor Tower) is a sizeable chunk to pay for replacement space. To put it in perspective, all U of A maintenance and building operations currently costs $122 million a year.

U of A has very little skin in the game here. If they wanted it badly, would have either an extra million a year or no upgraded pedway been a deal breaker for them?

[EdmTrekker]

Originally Posted by MalcolmTucker

$35 million a year (if rates are comparable to Epcor Tower) is a sizeable chunk to pay for replacement space. To put it in perspective, all U of A maintenance and building operations currently costs $122 million a year. U of A has very little skin in the game here. If they wanted it badly, would have either an extra million a year or no upgraded pedway been a deal breaker for them?

I see you are grasping for straws and comparing apples and oranges. My guess is you need more time to think your arguments through and learn the differences between the maintenance budget you refer that supports operations and maintenance of the largest multiple building campus in this Province (plus its outlying campus locations and many properties that it also maintains) now known as the apple - and the orange you are trying to compare this too (which is the "skin in the game" you refer). Please don't respond and add grapes...the bowl can only handle so much fruit at one time - and frankly I would prefer to deal with arguments that are based on evidence rather than conjecture.

[Shodan]

Galleria's future cloudy after vote
Project on 'life support' as council seeks funding partners for pedway

Gordon Kent
Edmonton Journal

Thursday, April 17, 2014

The Galleria arts complex could be on "life support" following city council's decision to seek partners to build a critical pedway, Coun. Bryan Anderson said Wednesday.

The non-profit foundation behind the $1-billion project asked the city to put $25 million toward an underground link to its site near the Epcor Tower from the Churchill LRT station. That pedway would connect to the new Royal Alberta Museum, but builder Ledcor wants an immediate commitment to include the structure in construction designs.

Councillors instead voted Tuesday to approve $4.4 million for pedway design only if landowners north of 103A Avenue share the total cost of the link...

gkent@edmontonjournal. com
© Edmonton Journal 2014

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