Sigh, not that misleading article again.
Quote:
$20 million: base purchase price
$44.5 million (estimated): design, financing, and development costs to provide the “turnkey” 152 affordable housing units to the City of Vancouver
An adjustment price of $365 per every additional buildable square foot above the current zoning that may be approved as part of a future rezoning and development of the property. For example:
If 200,000 additional buildable square feet were approved at rezoning, the adjustment price would be an additional $73-million payment to the City of Vancouver
If 350,000 additional buildable square feet were approved at rezoning, the adjustment price would be an additional $127.75-million payment to the City of Vancouver
These amounts are only examples and the actual amount of the adjustment price will depend on the approval of an application to rezone the property for future development, which is subject to a public hearing.
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https://vancouver.ca/news-calendar/c...e-housing.aspx
So, the City can receive up to, roughly, $192.25 Million under that calculation. Sure paints a different picture.
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