Quote:
Originally Posted by BodomReaper
I heard that CAC negotiations are one of the main reasons why this one hasn't started yet - the City apparently refuses to treat the seismic upgrading of a large heritage high rise as a community benefit, demanding tribute a CAC payment of magnitude as if it were a conventional project.
This was as of a couple months ago so not sure if it's been resolved since then.
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It's not the case anymore, if it was true. The project was approved by Council to move to a Public Hearing earlier this month; the CAC of $9.3m is purely the value of façade restoration and heritage retention of the historic building. "Real Estate Services staff have reviewed the applicant’s development proforma, which included analysis of both the proposed leasehold and strata-titled portions of the new office building. The review concluded that after factoring the costs associated with the heritage work, there was no additional increase in the land value generated by the rezoning. As such, the on-site benefit in the form of heritage conservation is recommended for this application in lieu of a CAC."