Time for Vancouver to Tear Down Its Viaducts?

[WBC]

Originally Posted by Metro-One

The city may have to drop many pet projects.

Nah - they just need to bring Olympics back in 2030, make a ton of money like the last time and use it to plug the budget hole from this year. Can't possibly fail.

[Vin]

https://www.msn.com/en-ca/news/canad...or/ar-BB12wQHg

Now let's see where they can come up with the money to tear down the viaducts with bankruptcy pending.

Also take note that the longer they wait, the more they need to maintain the viaducts and demolish the structures, not to mention building out the surroundings. So yes, $500mil isn't so far-fetched anymore.

[Feathered Friend]

Originally Posted by Vin

https://www.msn.com/en-ca/news/canad...or/ar-BB12wQHg

Now let's see where they can come up with the money to tear down the viaducts with bankruptcy pending.

Also take note that the longer they wait, the more they need to maintain the viaducts and demolish the structures, not to mention building out the surroundings. So yes, $500mil isn't so far-fetched anymore.

From literally the previous page. Honestly do people read anymore or just do they continuously spout their pre-formed opinions while ignoring everything else.

Originally Posted by Feathered Friend

As has been noted many times previously, the viaduct removal will be funded through the development of Northeast False Creek. There may be delays due to CAC negotiations with Concord, but that's a separate issue.

Page 35
https://vancouver.ca/files/cov/2015-...r-Viaducts.pdf

[whatnext]

Originally Posted by Changing City

They didn't. The park was always going to be built last, as the contaminated soils from the other sites will be dealt dealt with underneath it. Citygate residents created a false narrative (that's a polite way of saying they made things up) because they wanted the park sooner.


They have a choice - make a deal reflecting the value of the rezoned property, or sit on it without being able to develop one of the last waterside lots in the city.


The higher taxes are funding things like social housing. See Feathered Friend's comment above; the replacement is not going to be funded from taxes. If they have to keep the viaducts, and therefore they have to be rebuilt to current seismic code - then your taxes will go up.

One could look at it another way, that Concord dragged its feet until they knew they'd get a favourable decision from the council of the day. Aquilini showed that one can easily develop around the viaducts. And the city would have received CACs if Concord developed the parcel as it stands now. That also doesn't address the charge Concord received commercial rents on property they weren't paying commercial rates on.

[Changing City]

Originally Posted by whatnext

One could look at it another way, that Concord dragged its feet until they knew they'd get a favourable decision from the council of the day. Aquilini showed that one can easily develop around the viaducts. And the city would have received CACs if Concord developed the parcel as it stands now. That also doesn't address the charge Concord received commercial rents on property they weren't paying commercial rates on.

But they haven't got a 'favourable decision' of any sort yet. Have you forgotten that Concord were some paying taxes on the land until the Citygate residents decided that those weren't enough, so challenged the valuation of the land. Instead of agreeing that the value should be higher, the Tribunal decided the land is only worth $1 because of the park requirement. So you can thank the Citygate residents for Concord getting the tax break they now enjoy. The City more recently negotiated the temporary park in exchange for the permit for the Arc, so there are no commercial rents being earned from that part of the site any more.

[WarrenC12]

Originally Posted by Vin

https://www.msn.com/en-ca/news/canad...or/ar-BB12wQHg

Now let's see where they can come up with the money to tear down the viaducts with bankruptcy pending.

Also take note that the longer they wait, the more they need to maintain the viaducts and demolish the structures, not to mention building out the surroundings. So yes, $500mil isn't so far-fetched anymore.

I'll make a giant bet with you over your $500M pricetag if you agree to STFU about this until it's complete.

[scottN]

Originally Posted by djmk

Can you actually default on your property taxes? I don't think so. The property goes to a public auction.

I think Kennedy Stewart said bankrupt when he really should have said insolvent. Auctions for property tax delinquency don't happen right away, and in the mean time the city needs cash to pay employee salaries.

Ultimately someone is going to pay the property taxes - either the current owner or the new owner (which may be the bank if they foreclose the mortgage).

I think this is really a call out to the banks, because if the city plays the property tax auction card in a big way they could burst the real estate bubble and leave the banks holding the ball. That's not good for the banks.

Probably what will happen is that the Bank of Canada will print a ton of money, lend it to the banks at rock bottom rates, and the banks will lend it to mortgage holders to cover their property tax payments. In the end the banks would be responsible for those property tax payments if they foreclosed on a mortgage so they wouldn't actually be taking on any additional risk by loaning their clients money to pay property taxes.

[s211]

Originally Posted by djmk

Can you actually default on your property taxes? I don't think so. The property goes to a public auction.

There are several stages of multi-year non-payments that can accumulate before the city puts a place up for option. Going from memory, I think you can hold off paying 3-4 years before you go into auction territory.

I saw that play out with a strata owner that didn't taxes for years and years. He'd continue to just pay off the oldest taxes owing each year and carry on that way without going to auction. Guy was a consummate d!ck.

[WarrenC12]

Originally Posted by s211

There are several stages of multi-year non-payments that can accumulate before the city puts a place up for option. Going from memory, I think you can hold off paying 3-4 years before you go into auction territory.

I saw that play out with a strata owner that didn't taxes for years and years. He'd continue to just pay off the oldest taxes owing each year and carry on that way without going to auction. Guy was a consummate d!ck.

Yes the tax sale is a bit rare. Typically you will default a mortgage sooner and the bank will sell the property.

[Vin]

Originally Posted by Feathered Friend

From literally the previous page. Honestly do people read anymore or just do they continuously spout their pre-formed opinions while ignoring everything else.

You can say that again when the viaducts are demolished and everything else completed. So when is the viaducts going to be demolished? If you look at your report, the construction schedule is all out of whack and the demolition was supposed to be September 2019! Around this time, they are supposed to be preparing for the construction of the W. Georgia Street to Pacific Boulevard ramp. So why are you using an old invalid report?

Originally Posted by WarrenC12

I'll make a giant bet with you over your $500M pricetag if you agree to STFU about this until it's complete.

Lol you are funny. Believe what you want to believe.

[WarrenC12]

Originally Posted by Vin

Lol you are funny. Believe what you want to believe.

You've been proven wrong repeatedly on this forum. Why would anyone take your future predictions seriously?

[GenWhy?]

Originally Posted by Vin

You can say that again when the viaducts are demolished and everything else completed. So when is the viaducts going to be demolished? If you look at your report, the construction schedule is all out of whack and the demolition was supposed to be September 2019! Around this time, they are supposed to be preparing for the construction of the W. Georgia Street to Pacific Boulevard ramp. So why are you using an old invalid report?

Lol you are funny. Believe what you want to believe.

Funding strategy has not changed.

[Changing City]

Originally Posted by Vin

You can say that again when the viaducts are demolished and everything else completed. So when is the viaducts going to be demolished? If you look at your report, the construction schedule is all out of whack and the demolition was supposed to be September 2019! Around this time, they are supposed to be preparing for the construction of the W. Georgia Street to Pacific Boulevard ramp. So why are you using an old invalid report?

When are the viaducts going to be demolished? When there's a CAC deal with Concord, unless there's a financing source from somewhere else like a Federal construction fund to boost a flagging economy.

The report includes a schedule showing the earliest things could happen. As there's still no deal with Concord (who have been a bit pre-occupied with their court case with the owner of the Plaza of Nations as well), then the project is delayed. Not dropped. Not changed.

But you believe what you want to believe.

[Migrant_Coconut]

We've been moving back the Broadway SkyTrain timeline for the better part of twenty years. Nobody doubts that it's going to happen.

[Vin]

For those naive enough to think that developer's CACs are a miracle cure for the ills of City of Vancouer's budget shortfalls: think again....


https://dailyhive.com/vancouver/city...RxX2i-ke3mdm2Q

I have a feeling that the viaducts are staying put for a whole lot longer.

[CanSpice]

Originally Posted by Vin

For those naive enough to think that developer's CACs are a miracle cure for the ills of City of Vancouer's budget shortfalls: think again....


https://dailyhive.com/vancouver/city...RxX2i-ke3mdm2Q

I have a feeling that the viaducts are staying put for a whole lot longer.

You'll be disappointed to hear that the word "viaduct" doesn't appear in the presentation from staff to council outlining projects that are having funding deferred.

[GenWhy?]

Originally Posted by Vin

For those naive enough to think that developer's CACs are a miracle cure for the ills of City of Vancouer's budget shortfalls: think again....


https://dailyhive.com/vancouver/city...RxX2i-ke3mdm2Q

I have a feeling that the viaducts are staying put for a whole lot longer.

Seeing how a main contributor of CAC's has yet to be granted its Rezoning approval, many have agreed in the unknown date for some time.

[logan5]

Another dishonest post by Vin.

[rxp]

So any updates on this? figured since the car public art is being removed, some progress was being made.
the news mentioned that it will not be returning to that location.

[jollyburger]

Originally Posted by rxp

So any updates on this? figured since the car public art is being removed, some progress was being made.
the news mentioned that it will not be returning to that location.

Seems to have more to do with the condition of the sculpture than any near term plans for the demolition.

https://vancouversun.com/news/local-...and-relocation