City of North Vancouver Releases “Partial” Port Metro Vancouver Expansion Project Business Case

At the request of Council and the suggestion of the North Van Urban Forum a business case has been prepared for the Port Metro Vancouver / Low Level Road Expansion Project.

The business case fails to evaluate alternatives to transferring the land as it appears that the already signed North Shore Trade Area Agreement-in-Principle does not permit the City to maintain control of the land through leasing or other means.

Notable quotes include:

“Industrial land in North Vancouver range in value
from an estimated $15/sq ft for rail yard to $50/sq ft for light industrial office park. The
total value of the land to be contributed by the City is therefore estimated to be in the
order of $4 million ($15/sq. ft.).”

“This report is an abbreviated version of a Confidential Information Report to Council that
has been prepared to enable the essence of the analysis to be shared with the public.
Some elements of the confidential report cannot be publicly shared to protect the
business interests of the City and Port Metro Vancouver the City who are still in the
process of negotiating an agreement that will allow the Low Level Road project to
proceed.”

North Van Urban Forum urges additional transparency: the business interests of the City of North Vancouver are the interests of all citizens.

The “partial” report is publically available at: http://www.cnv.org/attach/2012%2005%2023%20Info.pdf

Advertisements