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Old Posted Nov 28, 2008, 3:10 AM
Bob Bratina Bob Bratina is offline
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Join Date: Apr 2008
Posts: 23
As a matter of fact there are two buildings downtown under consideration.

Simply stated the City Hall renovation cost is about $375 a square foot, $416 for the Lister Block, and $110 for the City Centre. The other two combined are 260 thousand square feet, the City Centre is 475 thousand sq ft. If you add to that 10 to 15 million dollars for the sale of the City Hall property, and stipulate to the owner that all heritage attributes must be retained (we have a grant program to assist, and with the money saved could throw in a little more to retain the marble). As private property the site generates taxes, probably in the order of $1.5 to $2 million a year. So all in there is a net saving to tax-payers. Taxes are reduced. Get it? We'll know one way or the other before Christmas, but to carry on with our current plan in light of the current economy would be calamitous. We still have no idea of the final cost of renovating City Hall, so the $75 million used for these estimates could well rise to $100 million or more. To pay for this extravagance we will push ourselves to the debt wall, eliminating any possibility for LRT, and incapable of providing for some extreme unforseen situation. Staff are now evaluating the scenario I have outlined. The likely outcome should be very pleasing to Skyscraper readers.
Bob Bratina
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