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 Posté le: Mar Oct 01, 2013 8:52 am Sujet du message: Liberal government assailed over its plans to use |
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{B.C. Liberal government assailed over its plans to use real-estate asset sales to balance the budget}
Instead of the provincial government selling this 25-acre property on West 57th Avenue near Cambie Street,[url=http://www.moncler-sale.org]moncler down jackets[/url], NDP finance critic Bruce Ralston says it should continue to own the site, enter into a partnership with a developer and redevelop it|Dominic SchaeferBy Glen KorstromTue Mar 5,[url=http://www.moncler-sale.org]moncler outlet[/url], 2013 12:01am PSTThe B.C. government’s plan to balance its 2013-14 budget by selling $775 million in real estate and undefined “financial instruments” has intrigued industry insiders, confused accountants and energized critics.Finance Minister Mike de Jong’s refusal to name each of the 76 properties that the government intends to sell,[url=http://www.moncler-sale.org]moncler sale[/url], for “strategic” reasons, exacerbates the situation and adds fuel to critics’ fire.“You’re either listing them for sale or you’re not,” NDP finance critic Bruce Ralston told Business in Vancouver. “Maybe there’s a timing issue but [de Jong] has been very vague about what is for sale.” The government has listed 10 properties for sale and named five more that it intends to market. That leaves 61 properties that it will not yet name and which must be sold in order for its financial projections to be realized.The move mirrors what’s happening in the development community.Concert Properties Ltd. is repositioning its $1.5 billion investment portfolio with the sale of six properties in B.C. and Ontario.Another of the province’s largest developers told Business in Vancouver that he is selling properties and believes government asset sales make sense because the rise in prices during the past couple of decades makes now a good time to book some profits.Ralston agreed that many of the named properties (see sidebar) have likely soared in value and that some could be sold.However, he pointed to the Pearson Dogwood health-care redevelopment as an example of a property that the government should keep, regardless of its market value.That 25-acre property on Cambie Street between West 57th and West 59th avenues is where Vancouver Coastal Health aims to replace the George Pearson Centre and expand its residential care capacity.“The property is close to the Canada Line,[url=http://www.moncler-sale.org]discount moncler jackets[/url], and property values in that area have risen dramatically,” Ralston said. “But rather than sell it, it would be more advantageous for the government in the long run to develop it with a partner, create a strategic asset and have a revenue stream into the future that will help to pay for the future cost of health care.”That is similar to what many pension funds do.If a sale must take place,[url=http://www.moncler-sale.org]moncler outlet[/url], Ralston said it would be wise to close it before booking the proceeds in a budget. That way, the sale price is known.It would also prevent a repeat of what has been happening with a Little Mountain site bounded by East 33rd and East 37th avenues and Main and Ontario streets.This is the second year in a row that the B.C. government has anticipated getting approximately $300 million from selling the 6.2-hectare site.Because the money did not arrive in the current fiscal year, this year’s budget will have to be revised to remove what was projected to be $300 million in revenue.Rezoning delays are blamed for stalling the close of the site’s sale to private developer Holborn.The government has not revealed what sites or other “financial instruments” will be responsible for the remaining $475 million that it expects to reap in the 2013-14 fiscal year or the $150 million the following year. Combined,[url=http://www.moncler-sale.org]discount moncler jackets[/url], the sales represent less than 2% of government assets.But their inclusion as revenue has some accountants scratching their heads.“One could ask the core question of whether these asset sales should be considered revenues at all,” said Divestor Investment Corp. principal Sacha Peter.“If I bought a property for $400,000 and deemed it surplus and sold it for $420,000 the next year, does that constitute $420,000 in revenue? No. It is a $20,[url=http://www.moncler-sale.org]moncler down jackets[/url],[url=http://www.moncler-sale.org]moncler on sale[/url],000 gain because I held the property at $400,000 on my books when I bought the property.”Tags: Bruce Ralston,[url=http://www.moncler-sale.org]moncler sale[/url], Mike de Jong,[url=http://www.moncler-sale.org]moncler on sale[/url], Concert Properties Ltd., real estate, provincial government
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