Quote:
Originally Posted by officedweller
10-12 year build-out
- so when will the City have enough to tear down the viaducts?
|
Here's the approved rezoning report (edited to keep it short) with dates and amounts they've agreed to pay. You'll see there are various financing mechanisms in place as well.
Public Benefits — Offered by the Land Owner
Community Amenity Contribution
The Applicant has offered a total CAC package of $325,494,000 consisting of in-kind and cash contributions
In-kind CAC Contributions
City-owned Social Housing (valued at $128,400,000) The City will receive in-kind turnkey delivery of at least 20% of the proposed residential floor area of the Rezoning Site for social housing (no less than 321,000 sq. ft. of the residential floor area, for a minimum of 380 units) to be built and delivered by the Applicant in sub-areas B of the development (approximately half of the social housing floor area) by no later than Q4 2026, and in sub-area A of the development (the balance of the social housing floor area) by no later than Q4 2028.
Childcare Facility (valued at $10,000,000)— The City will receive in-kind turnkey delivery of a 69-space childcare facility consisting of a minimum of 765 sq. m (8,235 sq. ft.) indoor floor area plus a minimum of 745 sq. m (8,019 sq. ft.) of outdoor space. The childcare facility ownership will be in the form of an airspace parcel owned by the City and be delivered by no later than Q4 2026;
Community Centre (valued at $41,710,500) — The City will receive in-kind turnkey delivery of a community centre consisting of 40,000 sq. ft., co-located with the childcare facility and ice rink by no later than Q4 2026.
Ice Rink (valued at $25,000,000) — The City will receive in-kind turnkey delivery of an ice rink of 21,000 sq. ft. and 10,000 sq. ft. of related community use space, all co-located with the Community Centre by no later than Q4 2026. The ice rink will be mainly for public use and will also function as the Vancouver Canucks practice facility from 6 am – 12 pm, five days a week.
Public Plaza (valued at $20,000,000) — The City will receive in-kind delivery of a public plaza located at the centre of the site of approximately 2,800 sq. m (30,139 sq. ft.) by at the latest Q4 2028.
The above in-kind CAC contributions will be secured with a mortgage on terms to the satisfaction of the City as a condition of enactment.
Cash CAC Contributions
As part of this application, the Applicant has offered a cash CAC of $100,383,500. Under the NEFC Public Benefits Strategy and the NEFC Financial Strategy, subject to Council’s consideration and approval, the cash CAC will be prioritized to support the phased delivery of the NEFC Infrastructure Project. The replacement of the viaducts with a new transportation network is fundamental to the buildout of NEFC in accordance with the NEFC Plan.
Phased Approach to Cash CAC Payment — In this case, given the scale of the cash CAC being offered and associated financing implications, staff are recommending a phased approach to CAC payment, The cash CAC of $100,383,500 is payable under the following conditions:
• $20,000,000 to be paid in cash prior to the enactment of the rezoning by-law; and
• A letter of credit will be used to secure the balance of the cash CAC and will be drawn down on the following dates if not paid by the Applicant:
o $20,000,000 at issuance of the first development permit for the Rezoning Site; and
o For the balance of $60,383,500, amounts will be drawn down based on percentage of development floor area (in relation to the floor area for the full Rezoning Site) approved by each building permits.
Prev
Linear Mode
