Comment 34255

By Balance (anonymous) | Posted September 29, 2009 at 21:59:27

I agree it will be nice to see the project finally finished. But lets not forget how long the developer has been sitting on the loan from the City. This project was started in 2003 and some money was loaned out over the years, the City picked up the carrying cost of the interest. Now we're losing. How the heck did they receive 90% of the loan with only 75% of the building completed.

Look at some of the other projects, they still have outstanding loans because they have not filled up including Terraceview at Napier and Market. Money still out there and the City picking up the borrowing cost. The borrowing costs for the loan program is within the Downtown Renewal operating budget.

I'm finding it hard to believe that RTH is trying to spin this as a positive. Somebody wasn't doing their job again in the Downtown Renewal Department.

I just wanted to point out that it is quite hypocritical of RTH especially when you're always talking about how the City is always losing on suburban development. Non-Downtown developers pay development charges (they don't downtown) and hey look at all the taxes these new developments pay. Guess it's good for downtown but not anywhere else to open the public purse and give away huge sums of money.

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