Mairi Welman, communications manager with North Vancouver District, contacted LynnValleyLife with concerns regarding the circulation of an email containing false allegations of North Vancouver District wrongdoing in the sale of the former library property at 27th and Mountain Highway to the Bosa Development Corporation.
Marie emphasizes that these claims (including, we note from reading the email in question, that council “decided to give away a prime piece of real estate for free”) are “absolutely not true,” and that “all relevant policies, laws and regulations were followed.” She asks us to pass along the following information to Lynn Valley residents:
1. The land was sold to Bosa for $8,200,579. The District received a deposit in June 2012 and the balance in the form of a trust cheque on September 4, 2015 which was the completion date. In accordance with District policy the proceeds were deposited in a number of accounts including the Land Opportunity Fund, the Infrastructure Replacement Reserve and a special fund set aside for Lynn Valley Town Centre priorities. This does not include Community Amenity Contributions and Development Cost Charges that will be paid by Bosa as the overall development progresses.
2. The land was owned by the District up until the September date when Bosa took possession. As a local government the District does not pay taxes on property that it owns. As part of the adjustments at close of sale, the purchaser paid taxes for the period they owned the property that tax year – September 4 to December 31.
3. BC Assessment determines the assessed value for property in the District, not the municipality. The 2015 assessed value for the old library property was $5,469,000. The collective 2015 assessed value for Mall and the old Library site was $78,110,000. As a result of subdivision, the Mall, the Zellers site and the parking lot/old Library site were re-organized into three legal lots. The collective 2016 assessed value for the three lots is $106,809,300 for which taxes will be paid by the owner in accordance with the tax rate struck by Council for this year.
LynnValleyLife would encourage residents interested in this or any other municipal matter to attend council meetings, consult the information on the District’s website, or contact District staff or elected officials to share your views or to request any clarification on various topics.