[Halifax] Nova Centre | 65-58-58 m | 16-15-14 fl | Completed

[sdm]

Originally Posted by MonctonRad

Congratulations!

Hopefully this will be first of several major announcements for downtown Halifax.

Well funny, Queens Landing was approved today as well.

[beyeas]

Originally Posted by sdm

Well funny, Queens Landing was approved today as well.

Approved?

I remember reading that Waterfront Development had given it their nod, but I would assume this is still subject to HRMbD and associate rigamarole?

[fenwick16]

Originally Posted by sdm

Well funny, Queens Landing was approved today as well.

This is another major development that got overlooked with all the development news happening. Will this include an expanded Maritime Museum? (maybe there will be some federal funding available). Here to a bigger, better Halifax municipality!!!

[sdm]

Originally Posted by beyeas

Approved?

I remember reading that Waterfront Development had given it their nod, but I would assume this is still subject to HRMbD and associate rigamarole?

Province approved it, and now only needs to be put through HRM by Design.

[sdm]

Originally Posted by fenwick16

This is another major development that got overlooked with all the development news happening. Will this include an expanded Maritime Museum? (maybe there will be some federal funding available). Here to a bigger, better Halifax municipality!!!

From what it reads the public section is still under review. There is reason to believe there is no public money for it. Pretty sad since it was originally brought out in 2005.

[Buckey]

I will try not to be too flippant but let make a comparison. I have a house to build - three stories. Im gonna get you to make the 1/3 downpayment and live in the basement and pay the mortage. yes you are you buds will get some spinoffs but you also gotta pay the bills to run the place. we goona do this gig for 25 years and then I won it. Bwahahah

Why is the entire world ignoring the fact we are building and paying for someone else's building. This could be worse than the entire p3 all put together

[beyeas]

Originally Posted by sdm

From what it reads the public section is still under review. There is reason to believe there is no public money for it. Pretty sad since it was originally brought out in 2005.

yeah it was notable that the release I read only talked about the hotel etc, but not the public space. I would love to see something done with the Sackville, and have it brought inside and protected I remember back in 2005 they talked about having a structure built over it, and then having the walls such that they could be projected upon and people could get a feeling for what it was like for the convoys being attacked. Seemed like an interesting sort of exhibit!

[sdm]

Originally Posted by Buckey

I will try not to be too flippant but let make a comparison. I have a house to build - three stories. Im gonna get you to make the 1/3 downpayment and live in the basement and pay the mortage. yes you are you buds will get some spinoffs but you also gotta pay the bills to run the place. we goona do this gig for 25 years and then I won it. Bwahahah

Why is the entire world ignoring the fact we are building and paying for someone else's building. This could be worse than the entire p3 all put together

Still need federal and HRM support yet

[fenwick16]

Originally Posted by Buckey

I will try not to be too flippant but let make a comparison. I have a house to build - three stories. Im gonna get you to make the 1/3 downpayment and live in the basement and pay the mortage. yes you are you buds will get some spinoffs but you also gotta pay the bills to run the place. we goona do this gig for 25 years and then I won it. Bwahahah

Why is the entire world ignoring the fact we are building and paying for someone else's building. This could be worse than the entire p3 all put together

It is being termed as a capital lease. Based on my understanding, the province and HRM will own it after the end of 25 years. In this case, capital lease can mean that the lessee will own it at the end of 25 years. (However, you might want to contact the province and confirm this).

(source: http://www.investorwords.com/722/capital_lease.html )

capital lease

Definition
A lease that meets one or more of the following criteria, meaning it is classified as a purchase by the lessee: the lease term is greater than 75% of the property's estimated economic life; the lease contains an option to purchase the property for less than fair market value; ownership of the property is transferred to the lessee at the end of the lease term; or the present value of the lease payments exceeds 90% of the fair market value of the property.

[Phalanx]

Originally Posted by beyeas

yeah it was notable that the release I read only talked about the hotel etc, but not the public space. I would love to see something done with the Sackville, and have it brought inside and protected I remember back in 2005 they talked about having a structure built over it, and then having the walls such that they could be projected upon and people could get a feeling for what it was like for the convoys being attacked. Seemed like an interesting sort of exhibit!

Covering the Sackville and having it as a year-round exhibit would be nice, but expensive. ...It would have been nice if they had the money/room to save the Fraser as well. It was historically significant being the last of the first class designed and built in Canada... but that's a different topic entirely.

[Buckey]

I am trying desperately to determine who owns it at the end of the term. NO idea actually given the way they played with the numbers I would not be comfortable relying on their correct use of lease terminogy.

Just nervous about jumping into this just because devanne and the heritage group are against it. Like to see more info

[sdm]

Originally Posted by Buckey

I am trying desperately to determine who owns it at the end of the term. NO idea actually given the way they played with the numbers I would not be comfortable relying on their correct use of lease terminogy.

Just nervous about jumping into this just because devanne and the heritage group are against it. Like to see more info

Since there is so many parties involved i was told the developer owns it.

[beyeas]

Originally Posted by Buckey

I will try not to be too flippant but let make a comparison. I have a house to build - three stories. Im gonna get you to make the 1/3 downpayment and live in the basement and pay the mortage. yes you are you buds will get some spinoffs but you also gotta pay the bills to run the place. we goona do this gig for 25 years and then I won it. Bwahahah

Why is the entire world ignoring the fact we are building and paying for someone else's building. This could be worse than the entire p3 all put together

Because the difference is that you are not going to be generating increased consumption and property and business taxes to offset my costs such that I get a new home with revenue largely (if not entirely) offsetting the costs of my mortgage payment. On the other hand I could own it all on my own, and yes I would own the asset, but I would also be short most of the revenue streams.

Why is the entire world ignoring the fact that multiple sources and looked at the business plan for this, but seem to prefer to ignore the other half of the ledger?

I know you genuinely asking the question and not just being an HT wingnut... so sorry for my flippant response as well.
Not really directed at you or your question, just frustrated with some of the HT folks also trying to manipulate #s in their favour (as in Epstein's "mistake")

[Buckey]

I am not a development or convention expert so I cannot intelligently argue the numbers. I can question the final out come of thr building and would like to see a more detailed breakout of what Rank pays for and gets and what we pay for an get. I understand he may not have to commit to the tower or one of the towers or something.

Here is irony that the this site
http://conventioncentreinfo.com/
has the recent presentation and some past News releases with feasibility studies and such but the discussion forum is now closed. I would think that now its time for us the taxpayer to open our wallets might be a goiod time to chat this up a bit.

I am trying to educate myself on this more but Coast comparisons to Ottawa and wingnut BD's links to Vancouver articles - well they make you go HUMMMMMMM is this CC really the right play in its current ownership structure now?

[Dmajackson]

I just wanted to through in my agreement with the Dexter government on this one.

[DigitalNinja]

Originally Posted by Buckey

I am not a development or convention expert so I cannot intelligently argue the numbers. I can question the final out come of thr building and would like to see a more detailed breakout of what Rank pays for and gets and what we pay for an get. I understand he may not have to commit to the tower or one of the towers or something.

Here is irony that the this site
http://conventioncentreinfo.com/
has the recent presentation and some past News releases with feasibility studies and such but the discussion forum is now closed. I would think that now its time for us the taxpayer to open our wallets might be a goiod time to chat this up a bit.

I am trying to educate myself on this more but Coast comparisons to Ottawa and wingnut BD's links to Vancouver articles - well they make you go HUMMMMMMM is this CC really the right play in its current ownership structure now?

Your first mistake is reading the Coast.

[beyeas]

Thanks for having my back on the CH site Halifaxboyns ;-) LOL

[Buckey]

I have been to the coast website maybe ten times in my life. With all of the conflicting and confusing info I went there to see if they had diseected it any better CTV just reported the $6 million per year outlay for each province and City and we DO NOT own it at the end. he also confirms the 47 million fed money on day one its finished. The one thing still overlooked is the annual operatinf deficit so lets add 2 -3 -4 -5 Million a year to that.

[sdm]

Originally Posted by Buckey

I have been to the coast website maybe ten times in my life. With all of the conflicting and confusing info I went there to see if they had diseected it any better CTV just reported the $6 million per year outlay for each province and City and we DO NOT own it at the end. he also confirms the 47 million fed money on day one its finished. The one thing still overlooked is the annual operatinf deficit so lets add 2 -3 -4 -5 Million a year to that.

add to this the old centre, which we still do not know what will happen to it. If the city takes it, which i believe from the news is in the works then the city is going to be carrying that operating costs as well.

This deal is getting more and more interesting by the minute.

[Canadian_Bacon]

They were talking about this on CBC tonight. Along with Queens landing going ahead with a March, April start date (At least a demolition start.) As well, they talked about the MacDonald Bridge refurbishment with that expected to go ahead in 2015. They also had a guy from AllNS.com talking about the convention center. He made some good points. I can't remember what his name was. I think it was Kevin Cox, but I can't remember.

I'd give more detail, but I have to go to work in like 5 minutes.