D04
T HE VA N C O U V E R C O U R I E R F R I D AY, A P R I L 3 0 , 2 0 1 0
cover
Concord Pacific paid $4,347 in taxes on its waterfront property
False Creek lot worth far less than typical home Mike Howell Staff writer
I
t is one of the most prized pieces of undeveloped waterfront land in the city. At nine sprawling acres, with unobstructed views of the eastern point of False Creek and the Olympic Village, it would cost a bundle to buy. Or would it? If the value set by the B.C. Assessment office is any indication, the property owned by Concord Pacific Developments Inc. has a surprisingly low market value. This year, it was assessed at $400,000. Last year, it was $192,000—a value that dates back to 2001 and included an additional three acres of land until Concord subdivided its properties in the neighbourhood last year, according to assessment office records. The value has translated to several years of low tax bills on the land, including a $4,347.43 tab last year. The property is bounded by Pacific Boulevard, Quebec Street and the strip of False Creek waterfront that runs between Carrall Street and the Telus World of Science parking lot. Twenty years ago, Concord struck a deal with the provincial government and the city to build a park on the property. The deal was part of Concord’s plans to develop the former Expo lands from the north end of the Granville Bridge to the World of Science. Concord purchased the lands from the province in 1988 for $320 million and has developed most of the 204-acre property, including water lots. It has left Northeast False Creek and the park site as the last piece of the project. But the park site has not remained idle. Over the years, the vast piece of asphalt has been used for a variety of events, including the Molson Indy, the Cirque du So-
Patsy McMillan (left) and Fern Jeffries, co-chairs of the False Creek Residents Association, have closely monitored Concord’s development plans for Northeast False Creek. photo Dan Toulgoet leil and more recently, Olympic pavilions and Molson Hockey House. Concord has made millions of dollars leasing the land known in planning documents as the Creekside Park Extension. The Quebec government, for example, paid Concord $1.3 million to set up the Maison du Quebec on the property during the 2010 Winter Games. Concord now has plans to make more money on the land. It wants the park site reconfigured so it can build three highrises that would back up against the Georgia viaduct.
Restore your passion for life A MAGICAL WILDERNESS PARADISE ALL YEAR ROUND extraordinary riding, fly-fishing, hiking adventures world-class spa ● deluxe accommodations ● gourmet cuisine ●
●
w w w. e v r a n c h . c o m 1.800.253.8831
P.O. Box 16, Clinton, B.C., Canada V0K 1K0 Email: info@evranch.com
If approved by city council, Concord would give up some of its waterfront property to accommodate a longer, narrower park between the World of Science parking lot and the Plaza of Nations. But until council decides on the proposal, which could come in the fall or early next year, Concord will continue to generate more money from the land with the return of Cirque du Soleil in July. So what’s wrong with that? What seems like a good business move on Concord’s part is contrarily described by leaders of a neighbourhood group as a
developer enjoying a sweet deal while the future park site remains covered in blacktop. Patsy McMillan and Fern Jeffries, cochairs of the False Creek Residents Association, have closely monitored Concord’s development plans for Northeast False Creek. The fact that city politicians, many of whom received generous campaign donations from Concord over the years, have not questioned the assessed value of the park site or the taxes on it is troubling, they say. Continued on page 5