Quote:
Originally Posted by Simplicity
No, I get that. It's just that the Forks has been seeking a development partner since you guys have been working on it and that's going on three years. Somebody has yet to bite.
My understanding is that the parkade has to be provided for as part of the deal. As in, it's a zero revenue model - that parking has to remain free. If the parkade is to be financed through the potential tax revenue stream flowing from the residential/commercial units, that leaves no ability to subsidize the developers of the actual units. That may be possible - though extremely unlikely given that market - but does that mean the land is going to be folded in as the Forks equity and provided at zero cost to developers? Or provided straight up as free and that forms the subsidy?
I'm just not sure how I see this getting done. There have been myriad issues with this proposal from the start - not the least of which is that providing $38K parking stalls for free is a difficult task no matter how you cut it - and I'm just wondering how this is being addressed before the public starts taking the Forks to task over floating an unrealistic Master Plan a year from now.
Or has the parking issue been resolved in other ways?
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I'll be honest, I don't know the specific details of the financing model they are developing....I have never heard that there is a requirement to provide free parking.
I also don't think there is intent to subsidize the residential units....not yet at least.
To my knowledge the Forks has not been looking for a developer....at least they have never discussed it.....They had nothing to approach a developer with.....the City probably has for Parcel 4, but not on the Rail-side land.