Monday, 1 June 2009

What is the value of 142 Main?

More on this Upper Fort Garry debacle:

The provincial government has purchased the Petro-Canada station for $1 million and will assume possession Sept. 15, Premier Gary Doer said. Petro-Canada will then donate $1.35 million to the heritage park, the premier added.
First of all, my understanding is that they're not donating $1.35 million, but $1.35 million in land value, on top of the $1 million that the province is paying Petro Canada for the spot at the corner of Main and Broadway. This puts the value of the land at $2.35 million.

Maybe somebody can make sense of this, or maybe I'm doing something wrong, but when I look up the value of the land in the Property assessment tool, it's only $814,000. That's the new assessment. Last year it was valued at $523k.



So what gives? Is the city over-paying for the land? Is this $1.35 million donation completely fictional? I hope to God that they didn't include this in the $10 million that the friends supposedly raised (but nobody can confirm because they won't make the numbers public. Hmmm... I wonder why they won't show us the numbers... )

update: Is Gordon Sinclair calling me a loser? Well excuse me for wanting a more vibrant downtown...

10 comments:

Fat Arse said...

Excellent query re: land valuation. Something stinks here - I posted comment on Pol-Frog about my buddy who told me he tried to get get clarity on the Petro-Can "gift" - cost of the environmental clean-up alone is disturbing. Not to mention, why would a large multi(?)-national corp like Petro Canada have any interest in 'donating' anything to this project? Tax-breaks? No liability for poisoned soil? Sheer goodness of their hearts? Something ain't right.

Anonymous said...

Good Post

cherenkov said...

@ FA: I recall that Petro Can was very keen on keeping this corner and having the only downtown gas station, so they would have to be offered a pretty sweet deal to give it up. I am sure the tax breaks were factored in. It is possible that the $1.35m is for land clean-up and remediation, but the fact that nobody is forthcoming on the nature of this donation and the existing donations makes me suspect that something more nefarious is going on here.

@ anon: thanks.

Anonymous said...

Gordo thinks everyone is loser if they do not drive a " Lexus SUV "right Gordo? So don't worry Peanut,he's the loser.Remember when he gassed up without his wallet and felt they should let him drive away and pay later.He then got mad and threw his registration at some little girl clerks head. That,s a LOSER.

Anonymous said...

Seems the Free Press are on the attack.Margo and Gord Sinclair are 2 of the biggest losers on the planet.

cherenkov said...

@ 11:54: Gordo's dragging the bottom of the barrel when he resorts to calling people who disagree with his rich buddies (and his boss) "losers".

@ 1:15: The funny thing about Margo's column is that if it weren't for the Friends of Upper Fort Garry, there would be cranes on Assiniboine and Fort as we speak building a new apartment building. I guess the Friends aren't as enamoured with "powerful symbols of hope" as Margo is.

Anonymous said...

FYI-Clean up for this gas station, including demolition and soil clean up should run about $250,000-$300,000.

cherenkov said...

thanks for the info.

unclebob said...

I wonder if they actually intend to clean it up - perhaps the city is so anxious to have the site that they have agreed to overlook this little matter.

If you really look at the volume of that station - its hardly ever busy - it should have closed long ago.

That makes me think this deal requires copious quantities of lubricant - something other than 10W30 and more like vaseline!

cherenkov said...

I am sure the site will be cleaned up, although I am less sure of who will be paying for it. I suspect the Province. The tax receipt for $1.3m is part of the "lubrication". If I was Revenue Canada I would be looking very closely at that one.

 
/* Google Tracker Code