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Originally Posted by Black Star
So you would like your taxes increased for this? At this time when no one has money to pay basic bills? No one is bailing out rich corporations except the Federal liberal Government. Don't get it twisted.
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Quote:
Originally Posted by Black Star
This is coming out of my pocket and Joe taxpayers pocket at a time when we are all struggling massively. Irresponsible of the city to do this now and completely (Tone Deaf) to promote this and advertise this lol...unreal really.
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the brighton block was given a municipal heritage designation in 2002 that imposed obligations on previous ownership and on the city of edmonton that were not lived up to.
the building was, as a direct result of those obligations not being met, in danger of collapsing by the time we acquired it and had a chance to do a complete assessment of its condition. it was a wood frame structure and what wasn’t full of dry rot was full of mould. even the foundations were rotten...
while the city’s grant is significant, it only covers 33% of the total eligible costs that were incurred. the remaining $1.5 million remains a cost to the owner.
and for the record, the grant money is being funded by the quarters crl, not general revenue, and will be repaid in full by the brighton block’s taxes alone in less than seven years.
and in case you’re wondering if this is still some sort of windfall for the developer, the project would have been at least a third cheaper to have just let the building collapse and build something from scratch in its stead.