Francis Bula
Sun
VANCOUVER – Private developers planning to build around the Olympic athletes’ village may be facing stiff development cost charges.
A staff report going to city council Thursday recommends they be charged a total of $32 a square foot in development-cost charges and community-amenity charges, intended to help cover the costs of developing parks, a community centre and other neighbourhood benefits in the new sector.
That’s significantly higher than the $26 figure floated last year, which developers thought was high already.
Planner Trish French said the higher fees are being proposed because the city has a clearer idea of what all the amenities will be and because construction costs have risen.
Vision Coun. Raymond Louie said he has some concerns about the fees going that high, because the city needs to see as much land developed around the site as possible to help pay for the costs of city facilities. But if fees are set too high, some people may decide it’s impossible to make a profit.
Then the city won’t receive any fees.
A private consulting company’s report to the city said 90 per cent of the land would be developed at the $32-a-square-foot fee, while only 80 per cent would be developed if the total fees were set at $44 , a number staff proposed initially at a private workshop in the spring.
The fees levied on private lands would potentially raise $132 million of the $254 million needed for the parks, community centre, library, streets, lighting, and affordable housing. The city would pay the other $122 million.
© The Vancouver Sun 2006
