The only legally binding public benefit secured through that process was a community amenity contribution of $295,425 (found on page six of the referral report), which is less than the cost of a single affordable housing unit in Vancouver. The $9 billion in projected economic activity, the 525 permanent jobs, and the renewable energy commitments announced were not secured in the application with the city.
This is consistent with US cases I’ve heard about. I can’t find confirmation but if they’re following the pattern in the US, it’s probable nothing that isn’t legally required will materialize and there’s a chance that <$300k is in lieu of paying years of taxes that would have added up to a lot more.
Potential downside?
Does anyone have a potential upside besides tax income for the city?
This is consistent with US cases I’ve heard about. I can’t find confirmation but if they’re following the pattern in the US, it’s probable nothing that isn’t legally required will materialize and there’s a chance that <$300k is in lieu of paying years of taxes that would have added up to a lot more.
$9billion in projected economic activity? Wouldn’t that be money they’re EXTRACTING from the local economy?