City got raw end of deal

Re: City buys Lightbody property

The city has paid $5.3 million dollars for a property assessed at $3.4 million dollars and some people believe the city got a great deal. I am not sure about that but I think Mr Lightbody did. Not only did he sell the property for 155% of the assessed value but he manages to stay there for an undisclosed sum until the city develops the site. Given the time lines of other park builds the Lightbody family may be there for some time.

The city has also seen fit to lease the old RCMP. site for the sum of $7 million dollars over 80 years. The calculator shows me this about $7300 rent per month. While $7300 may be fair at present, what about in 50 years time? Given today’s rental market in 50 years you may be able to rent a small bachelor suite overlooking a back alley and trash cans.

The city has now told us a tax increase may be in the air for the acquisition of land for “affordable” housing. This does not sit well with me. The Provincial government is responsible for housing and already collects taxes for this purpose and now we are expected to give more through a different channel, where does it end?

A lot of Kelowna city taxpayers money has been tied up in land they cannot use any time in the foreseeable future, and land they own that could have been used for “affordable” housing has been handed over to developers for what I consider a pittance.

It seems to me that the rich will become richer while us “middle class” folks will be footing the bill again.

Peter Kane

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