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The Hub | 44m | 14fl | U/C
#11
$12M is a pretty substantial development charge, too.
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#12
(10-29-2015, 06:28 AM)rangersfan Wrote: Looks like the delay is due to development charges.

http://m.therecord.com/news-story/606039...rge-grants

Some choice quotes:

Quote:Caroline Baker from GSP Group, agent for the developer, said the project can only go ahead if fees are deferred.

Since 1989 the region has only allowed deferrals three times. The amounts were less than $200,000 and in each case it was for a non-profit or similar project.

"The region and our taxpayers are not getting into the business of bankrolling the development industry," Coun. Sean Strickland said in opposition. "This is not a line that I want to see us cross."
"(The development charge reserve) is at one of the lowest levels in years," Strickland said.
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#13
(10-29-2015, 10:00 AM)mpd618 Wrote:
(10-29-2015, 06:28 AM)rangersfan Wrote: Looks like the delay is due to development charges.

http://m.therecord.com/news-story/606039...rge-grants

That's quite the split between mayors and non-mayors in the vote.

Mayors 5-2 in favour (5-3 if you count Ken Seiling).  Councillors split 4-4.
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#14
(10-29-2015, 10:50 AM)Markster Wrote:
Quote:Caroline Baker from GSP Group, agent for the developer, said the project can only go ahead if fees are deferred.

Since 1989 the region has only allowed deferrals three times. The amounts were less than $200,000 and in each case it was for a non-profit or similar project.

"The region and our taxpayers are not getting into the business of bankrolling the development industry," Coun. Sean Strickland said in opposition. "This is not a line that I want to see us cross."
"(The development charge reserve) is at one of the lowest levels in years," Strickland said.

Development charge reserve is at a low level.  To increase that, you need to collect more development charges.  To collect more development charges, you need more development.  To get more development ... maybe you need to compromise on the timing of those charges.

The region wants the charges up front.  Developer wants to pay in two years.  Maybe a reasonable compromise would be $4M now, $4M in a year, and $4M in two years (plus appropriate interest).
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#15
"Development charges of $66 million were expected to be collected this year. Between Aug. 1, 2014 and July 31 just $38 million has been collected"

Where is the uncollected development charges... in default or collected at another time, or...? If that's the case, kudos to the developer asking for a deferral instead of just dodging the development charges after the fact.

Also comparatively, 12mil is nearly 20% of development charges (if we're to assume this coming year is on the same pace). That's a ton of change being dished out by one developer for one project. Pretty sure Prica Group has another one or two on the table if I've been following the threads in here correctly.
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#16
Also, just did some digging up top, and there are updated renders of this project:

[Image: The_Hub__Columbia-Street_Aug20_2015-940x450.jpg]

[Image: The_Hub__At-Corner-of-Columbia-and-Alber...40x450.jpg]

Looks like they imposed a rendering model into actual photos of the site.
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#17
(10-29-2015, 12:20 PM)firex Wrote: "Development charges of $66 million were expected to be collected this year. Between Aug. 1, 2014 and July 31 just $38 million has been collected"

Where is the uncollected development charges... in default or collected at another time, or...?

Or projects delayed and not started yet.  I expect the $66M was just a forecast.
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#18
Not a fan of the update compared to the original
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#19
Looks like they drained good amounts of creativity out of the design for the new renders.
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#20
(10-30-2015, 05:48 AM)rangersfan Wrote: Looks like they drained good amounts of creativity out of the design for the new renders.

Personally ... I think the new concept is fairly similar to the original, the angled glass is still there, the brown brick trim is still there, the basic layouts look similar.  What they have done is tone it down some, and from my point of view, it still looks very good.  Certainly far, far superior to the student buildings on King Street.
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