Hockey School Land Deal = Election Issue

[fluffy]

Just a point of interest here, was the purchase of the land in question considered part of the expense of building the SOEC? If so, wouldn't it make sense to take the proceeds from the sale and put it directly towards paying down the outstanding construction debt?

[twobits]

Just a point of interest here, was the purchase of the land in question considered part of the expense of building the SOEC? If so, wouldn't it make sense to take the proceeds from the sale and put it directly towards paying down the outstanding construction debt?

That would be acceptable over using it for operating deficits. I doubt it is being considered though as the financing is covered by gaming funds and not tax revenues. IMO application of these funds would only shorten the amort period slightly and not improove current cash flows. It's probably wiser to put into capital reserves for more near term needs.

[fluffy]

It's probably wiser to put into capital reserves for more near term needs.

Hehehe, like servicing debt interest?

[twobits]

It's probably wiser to put into capital reserves for more near term needs.

Hehehe, like servicing debt interest?

It's already serviced by gaming funds which if freed up are to go to capital works not general revenues anyway so you might as well keep the funds???

[twobits]

oh wait......you mean other debt interest lol. OK, now on the same page.

[XT225]

Just a point of interest here, was the purchase of the land in question considered part of the expense of building the SOEC? If so, wouldn't it make sense to take the proceeds from the sale and put it directly towards paying down the outstanding construction debt?

That would be acceptable over using it for operating deficits. I doubt it is being considered though as the financing is covered by gaming funds and not tax revenues. IMO application of these funds would only shorten the amort period slightly and not improove current cash flows. It's probably wiser to put into capital reserves for more near term needs.

Twobits..clarification needed here. Are you saying that our taxes do NOT go to pay for the SOEC?

[spacecadet]

And are not gaming funds monies paid by those with gambling addictions, that we pay for in another manner? Isn't this how some of our non-profit groups all got into trouble because the City could not afford to provide them with grants to cover their operating budgets because some of those funds were cut? Isn't this a vicious circle? How can you propose a budget on monies that are based on how much someone is going to spend gambling? Just being a layperson and all.

[twobits]

And are not gaming funds monies paid by those with gambling addictions, that we pay for in another manner? Isn't this how some of our non-profit groups all got into trouble because the City could not afford to provide them with grants to cover their operating budgets because some of those funds were cut? Isn't this a vicious circle? How can you propose a budget on monies that are based on how much someone is going to spend gambling? Just being a layperson and all.

Yup, fools parting with their money. At least now it stays in the community rather than going to Vegas.

[dashton]

Just as an FYI -- I have posted answers to the most common questions regarding the sale of the Eckhardt properties in the "Where is Dan Ashton" forum topic.

[twobits]

Just a general comment. I have no info to support this but there is a nagging little voice in my head that says Dave Kampe might be involved in this in some way. Perhaps the land purchase for the benefit of the hockey school? Given his recent generous land donation to the health authority and his life long support of hockey in our community, I would't be surprised at all. And I would add, not for a profit motive either.

[beam-me-up-morrison]

I think people need to ask some questions about the builder of the dorm - Lorne Reagan from Drayton Valley, Alberta. He apparently has a kid in the hockey school and has convinced Andy Oakes he's the man for this project. Is he?

[twobits]

I think people need to ask some questions about the builder of the dorm - Lorne Reagan from Drayton Valley, Alberta. He apparently has a kid in the hockey school and has convinced Andy Oakes he's the man for this project. Is he?

Since the Hockey School is a private company, should it not be their decision who they pay to build it?

[Madtaxi]

"Castanet has learned, through B.C. assessment, vacant lots in the same area of Eckhardt Ave. are assessed at $293,000. If nine of these lots were sold for the B.C. assessment's value the total sale would be $2.6 million."

Plus the city is waiving 50% of DCC's and 50% of building permits and the building will be tax free for the first five years.
Way to go Mayor and the other five council that voted for this. It will be real easy voting on the 19th. :dyinglaughing:

[TimmyE]

Just an outside observer, but why did council rush to sell this thing before the election. Dumping properties like this only makes me believe that there is something shady going on here and only time will tell as to whose back was scratched on this one. Or maybe they can do a Kelowna, where the new council threw out the CD21 proposal after it had been approved by the former council.

[twobits]

"Castanet has learned, through B.C. assessment, vacant lots in the same area of Eckhardt Ave. are assessed at $293,000. If nine of these lots were sold for the B.C. assessment's value the total sale would be $2.6 million."

Plus the city is waiving 50% of DCC's and 50% of building permits and the building will be tax free for the first five years.
Way to go Mayor and the other five council that voted for this. It will be real easy voting on the 19th. :dyinglaughing:

As to the BC Assessment crap, read my post on the subject on the Penticton forum.

As to the waiving of fee's........apparently you do not understand the concept Economic Development Incentive Zones. The city has created a number of such zones in different areas of the city to promote investment, development, and the jobs that come with it. It is one of the few tools that civic governments have. It is absolutely dumbfounding that peole cry for the city to do these things.....promote investment and jobs.....and when they do, people like yourself want to tear it down for nothing more than percieved political points.