Comment 74402

By Ryan (registered) - website | Posted February 15, 2012 at 10:27:12

I just received a reply from Trustee Judith Bishop:

I know that Chair Tim Simmons will respond fully to your email on behalf of all trustees. I am writing you as you are a resident of ward 1 and will make a few comments.

Jackson square was taken out of the equation because it involved leasing. It was seen as more expensive by the consultant and it would not receive the support needed for the business plan by the Ministry of Education, as they regard leasing as too risky. There is some reference to this in the 2010 consultant's report, slide 47.

In 2007 the Board had already determined that a renovated Education centre and an addition (so as to be able to close and sell the other administrative buildings) would cost $55 million, money the Board did not have.

Slide 47 of the 2010 presentation has a 25-year cost of occupancy chart comparing several options and three bullet points:

  • New ED Centre - Build and Own provides lowest occupancy cost
  • Lease or Occupancy Agreement options reduce capital requirements
  • But Lease / Occupancy Agreement occupancy costs are high due to higher interest costs and developer / investor return on investment requirements

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