Archive for February, 2009
Developer and city strike deal to refurbish Art Deco landmark
Tuesday, February 3rd, 2009Curtain to rise again in 2011
Wendy McLellan
Province
Wall Financial Corp.’s rendering of a redeveloped York Theatre on Commercial Drive. Below: Vancouver Mayor Gregor Robertson (left) and Bruno Wall announce their deal yesterday.
A decaying theatre on Vancouver‘s Commercial Drive has been saved from the wrecking ball with a multimillion-dollar deal between the city and local developer Wall Financial Corp.
Slated for demolition just weeks ago, Wall Financial bought the York Theatre — currently known as the Raja Theatre — for $2 million and has committed to restore the building’s Art Deco design and make other improvements, then turn it over to the city.
In exchange for its investment of at least $12 million, the city will give Wall Financial density allowances of the same value to be used in future developments.
The restored York Theatre, which is on Commercial Drive just north of Venables, is expected to open in 2011 as a 363-seat performance venue.
The theatre will be operated by the Vancouver East Cultural Centre.
“It is indeed a reflection of city hall’s commitment to the arts community and recognizing not only the community’s social importance, but the economic importance of the arts in this city, and the creative sectors that are such a fundamental part of our growing economy here,” Vancouver Mayor Gregor Robertson said yesterday at a press conference announcing the deal.
The theatre, most recently used to screen Bollywood movies, has been closed since the early 2000s. In 2007, the building was purchased by EDG Homes to be turned into a townhouse project after city hall confirmed the theatre was not considered a heritage site.
That was under the previous city council. With the efforts of the Save the York Theatre Society and the local arts community, the newly elected council postponed demolition plans and the new agreement was hammered out between the city, Wall Financial and the cultural centre.
Wall Financial is currently involved with developing the former Capitol 6 theatre property on Granville Street, which will house the Vancouver Symphony Orchestra’s music school and a new recital hall.
The company was also involved in restoring the Stanley Theatre.
“It’s absolutely marvellous. It’s very exciting, like a dream come true,” said Tom Durrie, who founded the Save the York Theatre Society in 1981.
“Today is the culmination of a dream.”
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Dissension over GIC decision
Sunday, February 1st, 2009Tony Gioventu
Province
Dear Condo Smarts: Our strata has invested our reserve funds and operating surplus into a one-year GIC with a great return.
What we forgot was cash flow. We have some major expenses such as insurance, a boiler replacement and roof repairs and if we are permitted to cash our GICs we lose the interest. Our strata council were discussing options and our treasurer, who works for a bank, suggested we simply use the GICs to secure a line of credit for cash flow until the terms mature. We did, the owners were informed, and now we are facing a petition to remove council because of this decision. Doesn’t council have this authority?
— GD, Victoria
Dear GD: Strata council does not have this authority. A strata corporation is permitted to borrow funds. However, they are required to obtain a three-quarter vote of the owners at an annual or special general meeting before they may proceed. This is to ensure that the strata does not enter into a debt load without the consent of the owners, as that debt is an obligation of the strata corporation, not the individual council members.
The strata corporation may secure the borrowing, which your strata has done, against a negotiable instrument. It may also use a mortgage of property, but not common property, or an assignment of unpaid strata fees or special levies. So while you may borrow funds created by the line of credit, you need a three-quarter majority vote — and you need to approve how the principle and the interest on the loan is to be repaid.
It may be through a budget item through strata fees, a special levy or reserve fund expense. Strata corporations also need to consider that credit-card accounts are a form of borrowing. Those debts can easily swell out of control with crippling interest rates if balances are carried on the accounts, and because credit accounts are often unsupervised, a strata corporation can easily find itself laden with a uncontrolled debt.
Tony Gioventu is executive director of the Condominium Home Owners Association. [email protected]
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