Dear Editor:
I am writing in opposition to the proposed condo development at Banks Crescent. My many concerns have been mirrored by other folks expressing opposition but in addition, I have concerns about the perceived economic benefits of the project.
The number of $600,000 revenue per year has been tossed around. I understand that this number has been derived from a report prepared by Ian McIntosh, the then Director of Development Services, to council at the Nov. 16 council meeting.
The report states in part: “Property taxation is estimated to increase $197,000 per year for three years or $591,000 in total. This is based on a phased construction over three years of 350 units using current real estate market estimates and property tax rates. There is no expected increase in capital costs in the general fund related to this project.”
In fact, a financial forecast for the development has not been done yet. There is absolutely no backup for this number. It is a paper-napkin calculation at best.
• There are obviously costs associated with any project, what are the ones relating to this development?
• Construction is said to take between three and seven years, depending on presales. What is the forecast then?
• What tax rates are being used?
Until we see a detailed cost/benefit analysis, I think that the public is being misinformed. This project may very well cost the taxpayers of Summerland and benefit only the back pockets of private, out-of-town investors.
Sue Gibb
Summerland