5. A memorandum regarding whether to direct Administration to draw from the Revitalization Initiative Reserve to contribute toward specific City land sales and projects.

[5. A memorandum regarding whether to direct Administration to draw from the Revitalization Initiative Reserve to contribute toward specific City land sales and projects.]

NEXT, WE HAVE A MEMORANDUM REGARDING WHETHER TO DIRECT ADMINISTRATION TO DRAW FROM THE REVITALIZATION INITIATIVE RESERVE TO CONTRIBUTE TOWARDS SPECIFIC CITY LAND SALES AND PROJECTS. MS.

[00:20:01]

BASSI-KELLETT, IF YOU'D LIKE TO INTRODUCE THE ITEM.

THANK YOU VERY MUCH, MADAM CHAIR.

WITH PLEASURE. SO AS COUNCIL MEMBERS KNOW, THE REVITALIZATION INITIATIVE RESERVE WAS SET UP IN 2016 AND IT WAS INTENDED TO PLAN FOR FUTURE LAND ASSEMBLY THAT SUPPORTS REVITALIZATION EFFORTS BY THE CITY.

30% OF ALL THE LAND SALES REVENUES WAS PUT TOWARDS THIS FUND UP UNTIL 2018, WHEN COUNCIL DIRECTED ADMINISTRATION TO PRESS THE PAUSE BUTTON TO RETURN WITH A PLAN ON HOW TO SPEND THESE FUNDS.

SO TODAY, ADMINISTRATION IS VERY PLEASED TO COME TO YOU TO RECOMMEND USING THIS RESERVE FUND TO SUPPORT LARGE SCALE PROJECTS, LARGE SCALE DEVELOPMENTS, AND SPECIFICALLY TO INCENTIVIZE INCENTIVIZE SALES OF THE 5050 LOT AND THE THREE LOTS ON 50TH STREET.

WE WOULD PROPOSE TO COUNCIL FOR YOUR CONSIDERATION THE TRANSFER OF 2.275 MILLION FROM THE REVITALIZATION INITIATIVE RESERVE TO THE LAND FUND IN ORDER TO OFFSET THE LAND COSTS, AND THEN WE COULD, OF COURSE, RECOMMEND THE REMAINING 141,000 BE TRANSFERRED TO THE DOWNTOWN IMPROVEMENT RESERVE.

ADMINISTRATION RECOMMENDS THIS AS A STRATEGIC STEP TO DEVELOP THESE LOTS, TO ACTIVATE THE SPACE, AND TO REMOVE SURFACE PARKING IN A MANNER THAT MEETS CITY AND COMMUNITY OBJECTIVES FOR REVITALIZATION.

WE WOULD NOTE THAT THIS WOULD NOT CHANGE THE VALUE OF THE LOTS.

IT WOULD JUST CHANGE HOW THE CITY IS PROACTIVELY SUPPORTING THEIR DEVELOPMENT.

THANK YOU VERY MUCH, MADAM CHAIR.

THANK YOU. ANY QUESTIONS, COMMENTS, DISCUSSION FROM COUNCIL ON THIS.

COUNCILOR WILLIAMS. THANK YOU, MADAM CHAIR, AND I'LL TRY MY BEST WHILE LOOKING AT PAULA TO ASK THIS QUESTION WITHOUT PUTTING ANYTHING OUT OF THE BAG.

I KNOW THERE WAS AN EARLIER DISCUSSION AN IN-CAMERA DISCUSSION THAT WE'D HAD ABOUT A PROPONENT AND IT INVOLVED ONE OF THESE PROPERTIES. IS IT THE CITY'S INTENTION TO, YOU KNOW, OR TO CONSIDER SOME OF THOSE PAST DEVELOPMENT OPPORTUNITIES THAT WERE OUT THERE? WE ONLY RECEIVED THE ONE APPLICATION, WHICH IS FOR THE ONE BELOW.

MS. BASSI-KELLETT. THANK YOU VERY MUCH, MADAM CHAIR.

WE HAVE ONE LEGITIMATE PROPOSAL THAT WE HAVE RECEIVED THAT WILL BE NEXT ON THE AGENDA.

THANK YOU. RIGHT.

JUST LET ME REVIEW THAT ONE.

ANY OTHER QUESTIONS? COUNCILLOR KONGE.

THANK YOU. SO, I MEAN, THIS IS THIS GOES BACK TO MY FIRST TERM ON COUNCIL WHEN WE STARTED DOING THIS AND I WASN'T IN FAVOR OF IT. SO IT'S GREAT AFTER ALMOST A DECADE THAT WE ACTUALLY HAVE A PLAN THAT WE'RE GOING TO DO SOMETHING.

MY ONLY CONCERN IS WHEN WE START DOING THESE LAND SALES FOR PROJECTS OR WHATEVER.

IF WE'RE SUBSIDIZING THE LAND, WHAT DOES THAT DO TO THE ASSESSED VALUE OF THE OTHER LANDS IN THE DOWNTOWN? MS. BASSI-KELLETT. THANK YOU VERY MUCH FOR THIS QUESTION.

SO LAND HAS INHERENT VALUE AND SO THE APPRAISED VALUE WOULD REMAIN IN PLACE AND IT WOULD BE THE CITY INCENTIVIZING AND MEETING AND HONORING WHAT THAT APPRAISED VALUE IS THROUGH THE USE OF THE FUNDS THAT WE'RE PROPOSING TODAY.

I'LL ASK MISS WHITE IF SHE HAS ANYTHING TO ADD.

JUST A CLARIFICATION, MS. BASSI-KELLETT, THOUGH IT'S NOT THE APPRAISED VALUE THAT I'M CONCERNED ABOUT.

I'M WORRIED ABOUT THE ASSESSED VALUE OF THE PROPERTY BECAUSE THE APPRAISED VALUE I DON'T CARE IF IT'S A DOLLAR OR $100, BUT THE ASSESSED VALUE IS WHAT EVERYBODY OUR ASSESSMENT WE HEAR FROM THE ASSESSOR YEAR AFTER YEAR THAT THE LAND PORTION OF YOUR TAX BILL FROM THE CITY, THE ASSESSED VALUE OF YOUR LAND IS BASED ON SALES.

SO IF WE'RE GOING TO.

YOU KNOW. I JUST WANT TO SEE HOW THIS ALL FLOWS THROUGH TO ENSURE THAT WE DON'T SAY, YES, LET'S SELL THIS LAND AT A 50% DISCOUNT OR A DOLLAR, WHICH IS WHAT IS IN OUR AGENDA HERE TODAY THAT DOESN'T THEN IT'S FOR CITY LOTS, BUT THAT DOESN'T MEAN THAT EVERYBODY IN THE DOWNTOWN WHO HAS A CITY LOT, ITS LAND VALUE IS NOW $0.25.

BECAUSE IF THAT HAPPENS.

OUR TAX INCREASES THERE WILL BE NO CHANCE THAT IT'S ONLY STARTS WITH ONE.

IT WILL BE 25 OR 30% IF WE LOSE ALL THE VALUE OF THE LAND IN THE DOWNTOWN.

DOES THAT MAKE MORE SENSE? MS. BASSI-KELLETT. THANK YOU VERY MUCH.

YES, THAT'S VERY HELPFUL.

THE ASSESSED VALUE IS SOMETHING THAT WE HAVE A LOT MORE CONTROL OVER, AND I WILL ASK MS. WHITE IF SHE COULD SPEAK TO THAT.

THANK YOU. THANK YOU VERY MUCH FOR THE QUESTION.

YES, THERE IS A DIFFERENCE BETWEEN ASSESSED AND APPRAISED VALUE.

THE ASSESSED VALUE IS WE HAVE AN INTERNAL ASSESSOR WHO DOES CREATE THESE VALUES BASED ON WHEN IT'S JUST LAND, IT IS THE LAND

[00:25:07]

ITSELF. SO IF THERE IS A STRUCTURE, THEN THERE'S A DIFFERENT FORMULA UTILIZED WHICH IS PUT IN PLACE BY THE GNWT.

SO WE HAVE CONFIRMED WE'VE GONE BACK TO OUR ASSESSOR AND CONFIRMED THAT THIS DIFFERENCE IN WHAT THE SALE PRICE IS ISN'T GOING TO HAVE A NEGATIVE IMPACT, NOT JUST ON THE PROPERTY THAT WE'RE DISCUSSING TODAY.

THERE'S FOUR PROPERTIES, SO 50/50 PLUS THOSE THREE OTHER PROPERTIES, BUT ALSO ADJACENT PROPERTY ASSESSED VALUES.

SO WHEN IT COMES FORWARD AT TAX TIME, WHAT HAVE YOU, IT'LL BE AT THE ASSESSED VALUE THAT IT IS TODAY, REGARDLESS OF WHETHER WE SELL IT FOR A DOLLAR, $50, $500,000.

THANK YOU VERY MUCH, AND IF I MAY MS. THISTLE WILL SPEAK TO THE LAND TITLES PROPONENT OF THIS.

THANKS. YEAH. WE DEFINITELY DON'T WANT TO SEE ASSESSED VALUES AFFECT IT IN THE DOWNTOWN.

HOWEVER, WHEN YOU DO A LAND TRANSFER, THE DOCUMENT THAT GETS FILED AT LAND TITLES INCLUDES AN AFFIDAVIT OF VALUE, AND IN THE AFFIDAVIT OF VALUE, YOU HAVE TO SWEAR TO THE VALUE OF THE LAND.

THAT'S THE VALUE THAT'S USED TO ESTABLISH ANY FEES THAT ARE PAYABLE, AND THAT'S THE VALUE THAT SHOWS UP ON THE CERTIFICATE OF TITLE THAT'S FILED AT LAND TITLES.

SO IT DOESN'T MATTER IF I TRANSFER TO YOU FOR A DOLLAR OR $50 OR 500,000, AS MISS WHITE HAS SAID, THE VALUE THAT SHOWS UP ON YOUR CERTIFICATE OF TITLE IS THE VALUE YOU'VE SWORN TO. I CAN ALSO ASSURE YOU THAT IF THAT VALUE IS REDUCED BY A SUBSTANTIAL AMOUNT, THE REGISTER OF LAND TITLES REJECTS THAT TRANSFER AND ASKS YOU TO FILE ANOTHER AFFIDAVIT THAT EXPLAINS WHY THE VALUE HAS CHANGED SO MUCH.

INSTANCES WHERE THAT MIGHT HAPPEN ARE IF THERE'S A FIRE AND SOMETHING'S OBLITERATED, THEN IT MIGHT GO FROM A VALUE OF 500,000 TO 50,000. SOMETIMES WE'VE SEEN WHERE REALLY OLD PROPERTIES GET TRANSFERRED AND WE FOLLOW THE LAND TITLES DOCUMENT AND THE REGISTER IS LIKE, WHOA, WHY IS THAT SO MUCH LESS? AND WE HAVE TO FILE PROOF TO SAY, WELL, IT'S BECAUSE IT'S LIKE 100 YEARS OLD OR THERE'S ENVIRONMENTAL CONTAMINATION OR ANY NUMBER OF REASONS, BUT THE VALUE THAT SHOWS UP ON YOUR CERTIFICATE OF TITLE, THERE'S A LITTLE SPOT UP IN THE RIGHT HAND CORNER.

THAT'S THE VALUE OF THE LAND, NOT HOW MUCH YOU TRANSFERRED IT FOR.

THANK YOU. NO, I THINK THAT'S A PRETTY IMPORTANT PIECE THAT WE HAVE TO REMEMBER THAT WHEN WE DO ONE THING, IT DOES HAVE A TRICKLE DOWN EFFECT MOST TIMES.

SO THIS IS GOOD.

I'M GLAD TO HEAR THAT IT WILL NOT AFFECT ANY OF THE ASSESSED VALUES IN THE CITY.

THANK YOU. IT'S ALSO AN IMPORTANT ONE FOR THE FOUR LOTS THAT WE TRANSFERRED TO HABITAT ON SPENCE ROAD TO MAKE SURE THAT WE DIDN'T IMPACT THE REST OF THE SPENCE ROAD PROPERTIES, AND JUST TO NOTE, IN REGARDS TO THE AGENDA, IT'S TWO MEMOS.

THEY'RE DISTINCT BUT CONNECTED.

SO THIS MEMO IS ABOUT HOW TO USE THE REVITALIZATION INITIATIVE RESERVE.

THERE'S A MEMO AFTER THAT, WHICH IS ABOUT THE 50/50 LOT AND DISPOSING OF THAT FOR LESS THAN APPRAISED VALUE, BUT THIS ONE HERE AND OF COURSE IT'S IF COUNCIL CHOOSES NOT TO PROCEED WITH WITH THAT, THEN WE'LL COME BACK AND KIND OF ADJUST BECAUSE THIS MEMO, THIS RECOMMENDATION IS ALSO CONNECTED WITH ONE B, IF THAT MAKES SENSE TO FOLKS; WE'LL HAVE TO CIRCLE BACK TO THIS CONVERSATION IF THE NEXT CONVERSATION IF COUNCIL ISN'T SUPPORTIVE.

ANY OTHER QUESTIONS? COMMENTS, DISCUSSION. COUNCILLOR MORSE.

THANKS. YEAH, I GUESS WHAT I'M WONDERING MOSTLY WITH THIS RECOMMENDATION, I REALIZE IT'S TIED TO THE OTHER ONE.

I GUESS WHAT I'M ASKING IS DOES ADMINISTRATION HAVE AN IDEA AS TO WHAT THEY WANT TO DO WITH THE OTHER THREE LOTS? BECAUSE I MEAN, THIS IS EFFECTIVELY ASKING COUNCIL TO WRITE ADMINISTRATION A BLANK CHECK EFFECTIVELY WITHOUT SEEING ANY PLAN.

SO I'M JUST SORT OF WONDERING WHERE THE PLAN AND WHAT WOULD BE WHAT WOULD BE DONE WITH THESE LOTS? WHERE DOES THAT COME IN? MS. BASSI-KELLETT. THANK YOU VERY MUCH FOR THE QUESTION.

SO CERTAINLY THE PROCESS WITH THE 50/50 LOT HAS BEEN TO LOOK AT A REQUEST FOR PROPOSAL TO PUT THAT OUT PUBLICLY SO THAT PEOPLE, POTENTIAL DEVELOPERS, CAN SEE WHAT THE INTENTION IS OF THE CITY AND WHAT THE INTERESTS ARE, AND PEOPLE CAN RESPOND ACCORDINGLY.

I'LL ASK MS. WHITE IF SHE CAN ELABORATE ON THE PROCESS THAT HER DEPARTMENT OVERSEES.

THANK YOU VERY MUCH.

IT'S A VERY IMPORTANT QUESTION.

SO HOW DO WE APPROACH THIS TYPE OF PROCESS? AND IT WOULD BE VERY SIMILAR.

WE WOULD LOOK TO ISSUE AN RFP WITH OPTIONS.

ONE OF THE IDEAS WE HAVE IS CURRENTLY THOSE THREE PROPERTIES ARE BEING SOLD TOGETHER AS AS ONE PARCEL.

ONE OPTION WOULD BE IF A PROPOSAL CAME FORWARD FOR AN INDIVIDUAL PARCEL, AND WHAT WOULD WE STIPULATE AS THOSE REQUIREMENTS VERSUS THE REQUIREMENTS OF ALL THREE

[00:30:09]

. SO NOT CLOSING THE DOOR AS SELLING THEM AS ALL THREE, BUT PROVIDING OPTIONS, SHOWING WE'RE BEING FLEXIBLE BECAUSE WE WANT TO SEE SOME CREATIVE DEVELOPMENT IN THIS AREA AND WE UNDERSTAND THERE'S DIFFERENT OPPORTUNITIES.

SO WE WOULD OUTLINE THE TERMS OF THE SALE AGREEMENT AS WELL AS WHAT WE'RE LOOKING FOR AND FOR ANY PROPONENT TO SHOW HOW THEY ARE MEETING THE GOALS AND OBJECTIVES THAT HAVE BEEN OUTLINED BY COUNCIL AND THROUGH OUR COMMUNITY PLANNING POLICY DOCUMENTS.

THANK YOU. THANKS.

SO I GUESS MY NEXT QUESTION IS THEN WHY START WITH THIS AS THE RECOMMENDATION AND THIS BEING THE DECISION SOUGHT FROM COUNCIL AS OPPOSED TO KIND OF COMING UP WITH A PLAN AND THEN PRESENTING THAT TO COUNCIL HOW IT'S GOING TO GO.

BECAUSE I GUESS THE HESITANCY I HAVE HERE IS THAT THIS IS QUITE A YEAH, YOU'RE LOOKING FOR COUNCIL TO GIVE EFFECTIVELY A BLANK SLATE, WHICH I CAN UNDERSTAND WHY ADMINISTRATION WOULD WANT THAT IF I WAS WORKING ON THE PROJECT.

I MEAN, THAT GETS KIND OF, I DON'T MEAN TO PUT IT THIS WAY, BUT IT GETS COUNCIL OUT OF THE WAY IN THE SENSE WHICH IS A GOOD THING TO A CERTAIN EXTENT.

I MEAN, IF YOU WANT TO BE CREATIVE WITH WHAT YOU'RE DOING, THAT'S GOOD, BUT I DO THINK TO A CERTAIN EXTENT IT'S JUST A LITTLE BIT TOUGH TO JUST SAY, OKAY, GO OFF, SELL IT FOR LESS THAN APPRAISED VALUE, WHICH COULD MEAN ANYTHING DOWN TO A DOLLAR AND GO DO A PROJECT.

SO IT JUST SEEMS A BIT OF A PREMATURE STEP TO ME, AND SO I'M JUST TRYING TO UNDERSTAND WHY IS IT THAT YOU NEED SUCH A DEFINITIVE THING FROM COUNCIL THIS EARLY IN THE PROCESS AS OPPOSED TO KIND OF GOING OUT FOR AN RFP THE WAY WE DID WITH THE 50/50 LOT AND THEN ASKING COUNCIL FOR APPROVAL TO DO IT ONCE YOU HAVE A PROPOSAL IN HAND.

THE LAND ADMINISTRATION BYLAWS SAYS THAT RIGHT NOW WE NEED TO DISPOSE OF THE LOT BY SELLING IT AT THIS PRICE.

SO ADMINISTRATION IS LOOKING FOR DIRECTION FROM COUNCIL TO CHANGE IT SO THAT IT'S BY RFP PROCESS, AND IF YOU LOOK AT THE RFP PROCESS FOR 50/50, THE PROPOSAL HAS TO MEET COUNCIL'S GOALS OF DOWNTOWN REVITALIZATION AND STRENGTHENING AND DIVERSIFYING THE ECONOMY, AND ONE OF THE DELIVERABLES IS THEY HAVE TO PRESENT TO CITY ADMINISTRATION AND COUNCIL AND SO ADMIN CAN'T DO WORK UNLESS WE DIRECT THEM TO.

SO IF THEY WENT AND CREATED AN RFP AND CAME BACK TO COUNCIL, THEY HAVEN'T BEEN FOLLOWING COUNCIL'S DIRECTION BECAUSE COUNCIL GAVE THE DIRECTION THAT THEY HAVE TO JUST GO AND SELL THE LAND WHICH IS CURRENTLY LISTED ON THE CITY'S WEBSITE.

SO THEIR RECOMMENDATION TO US IS THAT THEY SWITCH THE SALE PROCESS.

MS. BASSI-KELLETT IS THERE AN OPPORTUNITY FOR COUNCIL TO REVIEW THE RFP BEFORE IT GOES OUT? THANK YOU VERY MUCH, MADAM CHAIR, AND THANKS FOR THE QUESTION BECAUSE WE DO REALLY WANT TO MAKE SURE THAT THERE'S CLARITY AROUND THIS.

ABSOLUTELY, WE WOULD RETURN WITH AN RFP, MUCH AS WE DID FOR THE RFP FOR THE 50/50 LOT.

IF WE WERE LOOKING AT THE THREE LOTS, AS MS. WHITE DESCRIBED, REALLY IMPORTANT TO EMPHASIZE THAT WHAT WE'RE LOOKING AT HERE IS TO LOOK AT HOW WE'RE GOING TO USE THE REVITALIZATION INITIATIVE RESERVE TO BE ABLE TO SUPPORT LAND DEVELOPMENT, TO BE ABLE TO SUPPORT LANDS IN IN PARTS OF THE COMMUNITY WHERE COUNCIL SEES THAT IT'S REALLY IMPORTANT TO DO SO.

RIGHT NOW WE'RE VERY EXCITED ABOUT THE DOWNTOWN.

WE KNOW THAT THERE'S A LOT OF WORK TO TAKE PLACE THERE.

WE WANT TO BUILD THE MOMENTUM AROUND THAT AS WE SEE A NUMBER OF DIFFERENT POTENTIAL DEVELOPMENTS HAPPENING IN THE DOWNTOWN AND IN CENTRAL RESIDENTIAL.

SO WE DO THINK THAT THIS IS AN AREA WHERE IF THERE WAS A PROPOSAL PROCESS LAID OUT THAT WE WOULD REALLY BE ABLE TO ATTRACT SOME POTENTIAL DEVELOPMENT TO THE THREE LOTS ON 50TH STREET. I'LL ASK MS. WHITE TO ELABORATE MORE, THANK YOU VERY MUCH, AND JUST TO ADD SOME INFORMATION WE ALREADY HAVE HAD THROUGH THE PAST TEN YEARS, A NUMBER OF STUDIES, REVIEWS DONE WHICH HAVE OUTLINED THE DIRECTION AND ALL HAVE BEEN SUPPORTED BY COUNCIL THROUGH THOSE I GUESS WOULD BE THE PAST TWO COUNCILS. SO THINGS LIKE THE REVITALIZATION STRATEGY, [INAUDIBLE] REPORT, 2010, EVEN IF WE GO BACK THAT FAR, THE SMART GROWTH DEVELOPMENT PLAN AND ALL OF THESE PIECES FORM WHAT WE WILL BUILD THAT RFP AND THE CONDITIONS AND THE DEVELOPMENT TYPE THAT WE'RE SEEKING THROUGH THAT PROCESS WILL BE BASED ON WHAT'S ALREADY BEEN DONE.

SO INSTEAD OF RECREATING AND ASKING FOR ANOTHER STUDY, WE'RE GOING TO UTILIZE WHAT HAS ALREADY BEEN DONE AND FORMULATE THAT RFP AND BEGIN THAT PROCESS.

THANK YOU. OKAY, THANKS.

YEAH, I MEAN, WITH THOSE QUESTIONS ASIDE, I DO WANT TO SAY THAT I'M EXCITED TO SEE ADMINISTRATION BRINGING SOMETHING LIKE THIS FORWARD.

[00:35:05]

I THINK IT'S INNOVATIVE AND EXCITING, AND, YOU KNOW, I REMEMBER YEARS AGO, COUNCILLOR SILVERIO AND [INAUDIBLE] MYSELF IN THE LAST TERM WENT DOWN TO KELOWNA AND THAT BUSINESS IMPROVEMENT AREAS CONFERENCE AND THE STAFF AT THE MUNICIPALITY OF KELOWNA KIND OF SHOWED US WHAT THEY HAD DONE WITH THEIR WATERFRONT BY DOING PROJECTS SIMILAR TO THIS, WHERE THE CITY EFFECTIVELY GETS PROPOSALS FROM PRIVATE DEVELOPERS FOR WHICH WILL ACHIEVE KIND OF BOTH THE DEVELOPER AND THE CITY'S AIM TOGETHER AND THIS GOES VERY CLOSELY ALONG THE LINES OF WHAT THEY WERE DOING, AND IT'S BEEN EXTREMELY SUCCESSFUL THERE.

SO I AM PRETTY EXCITED TO SEE SOMETHING LIKE THIS COME FORWARD HERE, AND I THINK IT'S HIGH TIME WE STARTED MOVING ON THESE LOTS AND OF COURSE THERE HASN'T BEEN A LOT COMING FORWARD. SO THIS IS SOMETHING THAT COULD REALLY POTENTIALLY GET SOME ACTION GOING, WHICH I THINK IS GREAT IN AN AREA OF TOWN THAT HASN'T BEEN RECEIVING A LOT OF DEVELOPMENT. SO YEAH, IT'S EXCITING.

I MEAN, THERE IS A PIECE OF ME THAT'S A LITTLE BIT WORRIED ABOUT SELLING THE LOTS FOR AS LOW BELOW APPRAISED VALUE AS WHAT'S PROPOSED HERE, BUT I MEAN, I THINK, I THINK THAT THE IF THE PROJECTS ARE DONE IN SUCH A WAY THAT HELPS TO KIND OF SPUR DOWNTOWN REVITALIZATION, THEN, YOU KNOW, IT'S STILL LESS MONEY THAN THE CITY WOULD SPEND IF IT WAS TRYING TO GO FORWARD WITH THESE PROJECTS ALONE.

SO THERE'S PROBABLY A LOT OF BENEFIT TO BE FOUND HERE.

SO I AM EXCITED TO SEE THIS.

THANK YOU. COUNCILOR WILLIAMS. THANK YOU, MADAM CHAIR.

YEAH, THE ONLY PART THAT MAKES ME SCRATCH MY HEAD A LITTLE BIT IS, IS THAT THERE'S BEEN A LITTLE BIT OF MOVEMENT RECENTLY ON THAT STREET.

I THINK THE OLD LANGLOIS PROPERTY WAS RECENTLY JUST PURCHASED AND I DO BELIEVE THAT THE GOLD RANGE IS CURRENTLY BEING LISTED, I THINK SOMEWHERE IN THE TUNE OF 1.5 MILLION ON THAT STREET.

SO I'M JUST SORT OF CURIOUS IN HOW ADMINISTRATION HAS SORT OF INTERNALLY SORT OF RECONCILED THE WHAT COULD BE PERCEIVED AS SORT OF UNDERCUTTING.

PROPERTIES THAT ARE ALREADY AVAILABLE FOR SALE ON THAT STREET AND HOW THEY'D APPROACH THAT, BECAUSE IT CERTAINLY WOULDN'T LIKE TO SEE THE CITY WHEN ANOTHER BUSINESS OWNER HAS GOT A PIECE OF LAND A BUILDING THAT CERTAINLY HAS SOME CHALLENGES.

AS FAR AS THINGS LIKE THE FIRE MARSHAL AND WHATNOT GOES, HE'S ALREADY GOT A HUGE HILL TO CLIMB TO SELLING THAT PROPERTY AND HERE WE ARE OFFERING THEM AT $1 RIGHT NEXT TO THEM. SO I THINK WE END UP IN OUR EFFORTS TO DEVELOP.

WE END UP STAGNATING ANOTHER SECTION OF THAT SAME STREET.

SO JUST SORT OF CURIOUS AT HAS THE ADMINISTRATION CONSIDERED THAT? WHAT SORT OF HOW THEY WILL APPROACH THAT IF THIS DOES GET APPROVED BY COUNCIL? MS. BASSI-KELLETT.

THANK YOU VERY MUCH. REALLY APPRECIATE THE QUESTION, AND I THINK REALLY WHAT WE'RE TRYING TO DO WITH THIS PROCESS THAT WE'RE LAYING OUT IS REALLY TO INCENTIVIZE DEVELOPMENT OF CITY OWNED LAND THAT'S BEEN SITTING STAGNATING FOR YEARS AND TO REALLY LOOK AT HOW CAN WE INCENTIVIZE DEVELOPMENT IN A MANNER THAT IS GOING TO MEET SOME OF THE BROAD VALUES AND GOALS THAT THE CITY HAS AROUND REVITALIZATION, AROUND BRINGING PEOPLE BACK IN THE DOWNTOWN, THE COMBINATION OF OF RESIDENTIAL, WITH COMMERCIAL LOOKING AT TAKING SURFACE PARKING AND GETTING RID OF THAT AND CERTAINLY, YOU KNOW, OUR ZONING BYLAW HAS RECENTLY BEEN VERY PROACTIVE ON THAT, AND SO FOR US TO RETAIN A PARKING LOT IN THE DOWNTOWN ISN'T NECESSARILY US LIVING OUR OUR VALUES THAT WE'VE LAID OUT IN THE MOST RECENT ZONING BYLAW.

SO WE'RE VERY RESPECTFUL OF WORK THAT'S GOING ON IN THE PRIVATE SECTOR THAT PEOPLE HAVE PROPERTIES THAT ARE FOR SALE, BUT WE WANT TO INCENTIVIZE DEVELOPMENT ON CITY OWNED LANDS THAT ARE STAGNATING IN A WAY THAT'S GOING TO WORK FOR THE INTERESTS OF THE CITY.

I'LL ASK MISS WHITE IF SHE'D LIKE TO ADD ANYTHING.

THANK YOU. THE ONLY PIECE I WOULD ADD IS THAT BY ENCOURAGING DEVELOPMENT ON THESE FOUR PROPERTIES OVERALL, WE'LL BE ACTUALLY INCREASING NET VALUE ACROSS THE COMMUNITY IN THESE AREAS BECAUSE NOW YOU'RE NOT GOING TO HAVE THESE PARKING LOTS, YOU'RE GOING TO HAVE STRUCTURES, YOU'RE GOING TO HAVE DEVELOPMENT, YOU'RE GOING TO HAVE NEW BUSINESS. YOU'RE GOING TO NEW PEOPLE LIVING HERE WHICH ARE GOING TO SUPPORT OTHER BUSINESSES ON THE ADJACENT LOTS, ADJACENT STREETS, AND THIS IS WHAT INCENTIVES AND REVITALIZATION IS INTENDED TO DO SO THAT WE FIGURE OUT WAY ANY MAYBE SHORT TERM CONCERNS THAT THERE MAY BE, BUT LONGER TERM, WE'RE LOOKING THREE, FOUR OR FIVE YEARS DOWN THE ROAD.

WHAT'S IT GOING TO LOOK LIKE THEN AND WHAT CAN WE FACILITATE AND ENCOURAGE IN THESE AREAS? THANK YOU. I WOULD ALSO JUST ADD THAT THROUGH THE RFP PROCESS, THIS IS NOT A SIMPLE PURCHASE AND SALE.

[00:40:06]

SO IF YOU LOOK AT THE TERMS OF REFERENCE FOR THE 50/50 RFP REQUESTS FOR A PROPOSAL, IT'S PRETTY STRINGENT REQUIREMENT THAT SOMEBODY HAS TO FILE FOR US TO EVEN APPROVE OR LOOK AT THEIR DEVELOPMENT PROPOSAL IF WE FOLLOW A SIMILAR PROCESS WITH THE OTHER LOTS, WHILE WE MIGHT BE SELLING THE LAND AT A DOLLAR, IT IS GOING TO BE A MORE INTENSE PROCESS BECAUSE WE WANT THOSE LOTS DEVELOPED, AS MS. BASSI-KELLETT SAID, IN SUPPORT OF ALL THE STRATEGIES WE'VE ALREADY COMPLETED.

SO RETAIL REVITALIZATION, VISITOR SERVICES STRATEGY [INAUDIBLE] REPORT THE VISION FOR DOWNTOWN TEN YEAR PLAN TO END HOMELESSNESS.

LIKE THERE'S MANY, MANY REASONS WHY WE BROUGHT FORWARD THIS RECOMMENDATION, AND IT WAS BECAUSE WE WANTED TO SEE THOSE FUNDS USED IN A LARGE SCALE INSTEAD OF PIECEMEAL AND SOMETHING THAT WAS REALLY GOING TO MAKE A DIFFERENCE AND MEET COUNCIL'S VISION FOR THE DOWNTOWN AND THE CITY IN GENERAL.

SO WHILE IT MIGHT BE A DOLLAR ON THE PURCHASE PRICE, THERE IS A STRINGENT PROCESS.

IF WE'RE GOING TO HAVE THESE DEVELOPED THE WAY WE WANT TO SEE THEM DEVELOP TO SUPPORT ALL THE STRATEGIES THAT COUNCIL'S APPROVED OVER THE PAST 5 TO 10 YEARS.

THANK YOU FOR THAT. YEAH, JUST ONE THOUGHT THAT KIND OF COMES IS THAT, YOU KNOW, AGAIN, I JUST FEEL FOR THAT BUSINESS OWNER THAT'S HOLDING AND PAYING THAT TAX ON THAT LOT THAT WOULD BE CHALLENGING.

HAS ADMINISTRATION CONSIDERED APPROVING, SAY, A CORRIDOR, SO SAY THAT WHOLE SIDE OF THE STREET WOULD BE ABLE TO ACCESS OR ACCESS PROPOSALS, EVEN IF IT INCLUDED, SAY, A PRIVATELY HELD PIECE OF LAND ON THAT STREET.

SO WHAT I'M SAYING IS, IS A SIMILAR PROCESS WHERE THE PROPOSAL GETS PLACED AND IF IT JUST HAPPENS TO BE MAYBE, SAY, THE GOLD RANGE BUILDING THAT THEY'D PREFER INSTEAD OF ONE OF THE OTHER LOTS IS THERE'S AN ABILITY FOR THEM TO ACCESS MAYBE SOME FUNDS FROM THIS RESERVE TO HELP WITH PURCHASE PRICE OF LOT ANYTHING ALONG THOSE LINES.

I'M JUST LOOKING FOR FAIRNESS ON THE STREET AND JUST WONDERING IF THAT HAD BEEN CHEWED ON OR TOILED WITH AN ADMINISTRATION.

BACK IN 2012, THE CITY REACHED OUT TO TRY TO PURCHASE THE WHOLE STREET AND THE ONLY PEOPLE THAT WERE WILLING TO SELL WERE THE THREE LOTS THAT ENDED UP GETTING PURCHASED, AND THEN THE CITY ENDED UP PURCHASING THE 5050 LOT.

THOSE LOTS WERE PURCHASED IN 2012 AND THEN THE 5050 LOT WAS PURCHASED IN 2014, BUT MS. BASSI-KELLETT ANYTHING FURTHER SINCE? THANK YOU VERY MUCH, MADAM CHAIR.

ABSOLUTELY. WE HAVE NOT LOOKED INTO THAT FURTHER SINCE THAT TIME.

WE DO KNOW THAT THE REVITALIZATION INITIATIVE RESERVE HAS BEEN MEANT TO INCENTIVIZE DEVELOPMENT, AND THAT'S CLEARLY WHAT WE'RE TRYING TO DO RIGHT NOW.

SO AT THE TIME WHEN IT WAS SET UP, IT WAS LOOKING AT FUTURE LAND ASSEMBLY, BUT WE REALLY SEE THAT WE HAVE OPPORTUNITIES RIGHT NOW FOR REVITALIZATION THAT CAN REALLY SPARK SOME VERY POSITIVE DEVELOPMENTS IN THE DOWNTOWN.

MS. WHITE, ANYTHING TO ADD? JUST A SMALL POINT I WOULD ADD IS WE DO ALSO HAVE THE OTHER RESERVE, WHICH WE WILL BE COMING FORWARD WITH A SUITE OF ADDITIONAL OPTIONS FOR INCENTIVES IN THE DOWNTOWN, WHICH WOULD BE SPECIFICALLY MARKETED TOWARDS PRIVATE PROPERTY OWNERS.

SO WHILE IT MAY NOT BE THE CURRENT OWNER OF A PROPERTY, SHOULD IT SELL, MAYBE THERE WOULD BE SOMETHING ADVANTAGEOUS THEN, AND THAT'S SOMETHING WE'VE COMMITTED TO BRING FORWARD IN SPRING 2023, AND I BELIEVE THE TOTAL SUM IN THAT ACCOUNT WAS ABOUT 877,000, AND BASED ON THE RECOMMENDATION TODAY, SHOULD IT MOVE FORWARD, YOU'D BE LOOKING AT ABOUT $1,000,000 IN THAT ACCOUNT.

THANK YOU. YEAH, THAT'S GREAT INFORMATION, MS. WHITE. THAT HELPS WITH THE INFORMATION THAT MADAM MAYOR SAID, YOU KIND OF MAKE A BED AT SOME POINT, AND HERE WE ARE, SO.

ALL RIGHT, THANK YOU.

ANY OTHER QUESTIONS, COMMENTS FROM COUNCIL? FOR MYSELF, JUST A PROCESS QUESTION.

SO RIGHT NOW, THE REVITALIZATION INITIATIVE WORDING IS IN THE LAND ADMINISTRATION BYLAW, AND SO I AM SUPPORTIVE OF CLOSING DOWN THE FUND, BUT I GUESS MY QUESTION IS, DO WE KEEP THE WORDING IN THE BYLAW UNTIL WE SELL THE LOTS ON 50TH STREET AND THEN IT'LL BE COMING BACK? AT FIRST I WAS THINKING THAT WE WERE GOING TO UPDATE AND REMOVE THE WORDING RIGHT AWAY FROM THE LAND ADMINISTRATION BYLAW BUT THEN IF WE WANT TO DISPOSE OF THE LOTS ON 50TH STREET, WE MIGHT NEED TO KEEP SECTION 7B, WHICH GIVES COUNCIL THE AUTHORITY TO DISPOSE OF THE LAND BELOW APPRAISED VALUE TO FACILITATE DEVELOPMENT THAT SUPPORTS REVITALIZATION.

SO I GUESS WE TECHNICALLY KEEP IT AND THEN ONCE THE LOTS ARE SOLD, THEN WE FULLY CLEAN UP THE BYLAW.

MS. BASSI-KELLETT. THANK YOU VERY MUCH, MADAM CHAIR.

ABSOLUTELY. WE WOULDN'T WANT TO PRESUME UPON THE OUTCOME, SO WE WOULDN'T WANT TO KEEP THAT PROVISION IN THE LAND ADMINISTRATION BYLAW.

[00:45:04]

I'LL ASK MS. WHITE IF SHE'D LIKE TO ADD ANYTHING.

THANK YOU, AND WE HAVE JUST BEGUN INTERNALLY WITHIN THE PLANNING AND DEVELOPMENT DEPARTMENT, A REVIEW OF THE LAND ADMIN BYLAW.

THAT'S SOMETHING WE FLAGGED WHEN WE BRING IT FORWARD TO COUNCIL.

THANK YOU. THANK YOU.

I AM SUPPORTIVE OF THE MOTION, PARTICULARLY OF CHANGING THE SALE METHOD FOR LOTS EIGHT, NINE AND TEN PURSUANT TO AN RFP PROCESS.

WE HAVE HAD THE LOTS ON THE MARKET FOR EONS AND NO TAKERS.

SO I DO THINK THE REVITALIZATION RESERVE WAS ABOUT LAND ASSEMBLY AND SO I THINK ADMINS RECOMMENDATION REGARDING THE LOTS ON 50TH STREET MAKES SENSE AND INSTEAD OF HAVING THAT SMALL BALANCE REMAIN TO TRANSFER THAT LAST BIT TO THE DOWNTOWN IMPROVEMENT RESERVE MAKES SENSE TO SO AND THEN APPRECIATE CLOSING UP THAT ACCOUNT AFTER THAT.

SO I AM SUPPORTIVE OF THE MOTION SEEING NODDING HEADS.

WE WILL BRING THAT FORWARD TO OUR NEXT COUNCIL MEETING, WHICH IS MONDAY, SEPTEMBER 19TH.

THE NEXT ITEM ON THE AGENDA AGAIN MENTIONED THAT IT'S LINKED BUT IT IS DISTINCT IS AND THIS IS KIND OF WHAT THE PROCESS WOULD BE FOR THOSE THREE LOTS ON 50TH ST WHEN IT GOES FORWARD FOR AN RFP PROCESS.

[6. A memorandum regarding whether to dispose of Lot 34 Block 30 Plan 2564 for less than appraised value.]

THE NEXT ITEM IS WHETHER TO DISPOSE OF LOTS 34 BLOCK 30, PLAN 2564, WHICH IS THE 5050 LOT AS A CIVIC ADDRESS FOR LESS THAN APPRAISED VALUE.

MS. BASSI-KELLETT IF YOU'D LIKE TO INTRODUCE THE ITEM.

THANK YOU VERY MUCH, MADAM CHAIR.

WITH PLEASURE. THE 5050 LOT IS IN MANY WAYS THE LITERAL AND FIGURATIVE HEART OF OUR DOWNTOWN.

THE CITY HAD BOUGHT THIS LOT IN 2014 TO SEEK TO MANAGE DIRECTLY HOW THE PARCEL WAS DEVELOPED AND AS PART OF REVITALIZING THE DOWNTOWN WITH OPTIONS AROUND LAND ASSEMBLY. SO THIS DIDN'T ADVANCE, AND SO THE USE OF THE 5050 LOT HAS BEEN FOR SURFACE PARKING OVER RECENT YEARS AND THAT DOESN'T REALLY ALIGN WITH THE CITY'S VISION OR GOAL FOR THIS LOT, PARTICULARLY AFTER OUR NEW ZONING BYLAW APPROVED IN 2022, WHICH REMOVES MINIMUM PARKING REQUIREMENTS.

SO AT COUNCIL'S DIRECTION FROM FEBRUARY 2019, ADMINISTRATION PUT OUT AN RFP SEEKING IDEAS ON HOW TO DEVELOP THIS LOT WITH CLEAR CRITERIA, INCLUDING THE CITY'S GOALS, PAST EXPERIENCE WITH REVITALIZATION PROJECTS, METHODOLOGY AND INNOVATION.

ALL OF THESE THINGS ARE WHAT WE ARE SEEKING IN ANY PROPOSALS THAT COME FORWARD, AND FRANKLY, NO LEGITIMATE PROPOSALS HAVE COME FORWARD.

UNTIL JUST RECENTLY, WE WERE HAPPY TO RECEIVE A PROPOSAL FROM HOLLOWAY, OWNERS OF THE UPPER CENTER SQUARE MALL AND THEY'VE MADE AN INITIAL PROPOSAL WHICH PITCHES THE IDEA OF PURCHASING THE LOTS FOR LESS THAN APPRAISED VALUE WHILE MEETING THE CITY'S OTHER GOALS AS DETAILED IN THE RFP.

ADMINISTRATION IS SEEKING COUNCIL'S APPROVAL TO SELL THE 5050 LOT FOR LESS THAN APPRAISED VALUE, REALLOCATING FUNDS FROM THE REVITALIZATION FUND TO THE LAND FUND TO COVER THIS REDUCED COST AND THE PRICE, AND WE PROPOSE TO ENTERTAIN PROPOSALS THAT MEET ALL OTHER CRITERIA THAT ARE OUTLINED IN THE RFP PROCESS.

SO WE LOOK FORWARD TO ANY COMMENTS OR QUESTIONS ON THIS PARTICULAR PROPOSAL.

LET'S COME FORWARD FOR 5050 LOT AT THIS TIME.

THANK YOU. THANK YOU, AND WE DO HAVE THE PROPONENTS, HOLLOWAY, HERE, IF THERE WERE QUESTIONS.

THANK YOU FOR JOINING US TODAY, COUNCILLOR KONGE.

THANK YOU. I AM PRETTY EXCITED THAT WE GOT A PROPOSAL.

MY ONLY REAL CONCERN, LIKE I THINK THAT THE PROPONENT CAN PULL IT OFF.

THERE WERE IT'S ALWAYS ABOUT TIMELINES.

I'M PREPARED TO OFFER THIS AT A REALLY GOOD DEAL, BUT DON'T WANT THE LAND TO BE SITTING THERE VACANT FOR A VERY LONG TIME. SO A THOUGHT THAT WENT THROUGH MY HEAD WAS WHY DON'T WE SAY, OKAY, YOU KNOW, YOU PAY FOR THE FULL PRICE FOR THE LAND, AND THEN WHEN YOUR DEVELOPMENT PERMIT GOES IN, WE GIVE YOU HALF OF IT BACK AS WHATEVER YOU WANT TO--I DON'T CARE WHAT YOU CALL IT AND THEN WHEN THE BUILDING PERMIT GOES IN, GIVE THE REST BACK, BECAUSE I THINK THERE'S SOME INCENTIVE THERE TO NOT SAY, OH, WOW, WE'RE JUST SITTING ON THIS AND WE GOT IT FOR A BUCK AND WE'RE GOING TO PAY TAXES ON VACANT LAND WHATEVER.

WE'RE GOING TO USE IT AS A PARKING LOT AND KEEP OUR GARBAGE CANS THERE, BUT IF THERE'S ACTUALLY SOME MONEY THAT WENT FORWARD FIRST THAT WE WOULD THEN REIMBURSE BACK, WELL, I KNOW THAT WOULD LIGHT A FIRE UNDER MY BUTT.

SO I'M WONDERING IF THIS HAS BEEN LOOKED AT AT ALL BY ADMINISTRATION OR IF NOT WHAT ARE WE HOLDING AS A CITY TO ENSURE THAT THIS PROJECT GOES FORWARD IN A TIMELY FASHION ON MORE OUR TIMELINE THAN THEIR TIMELINE?

[00:50:04]

MS. BASSI-KELLETT. THANKS FOR THE QUESTION.

I'LL ASK MISS WHITE TO RESPOND.

THANK YOU, AND THIS IS A TERM THAT WE ACTUALLY USE IN MOST OF OUR LAND SALE AGREEMENTS WHEREBY WE SET A TIMELINE SPECIFICALLY IN THE PURCHASE AGREEMENT THAT THE DEVELOPMENT PERMITS MUST PERMIT MUST BE DONE.

RECENTLY IT'S BEEN 12 MONTHS AND WE'VE BEEN THINKING INTERNALLY THAT IT WOULD MAKE SENSE THAT THIS ONE BE AROUND 24 MONTHS AND THEN THE FINALIZATION AND OCCUPANCY WITHIN 36 MONTHS, AND THE TRIGGER THERE, THE INCENTIVE, AS YOU WERE ASKING, IS IF THE DEVELOPMENT IS NOT COMPLETE, THEN THE PROPERTY REVERTS BACK TO THE MUNICIPALITY AT NO CHARGE.

SO SHOULD THAT DEVELOPMENT PROPOSAL NOT OCCUR, THEN THE CITY TAKES A BACK SO THAT IT'S NOT SITTING AS A VACANT LOT AND WE THEN HAVE THE OPPORTUNITY TO REMARKET THE LAND AGAIN SHOULD THAT SITUATION OCCUR AS WELL.

THERE'S ALSO A STIPULATION WITHIN THE TERMS THAT THEY CAN'T SELL THE LAND AS WELL, SO IT'S NOT BEING PURCHASED FOR A LESSER AMOUNT TO THEN BE ABLE TO SAY, SELL IT TO ME FOR A PROFIT AT A DIFFERENT PRICE.

SO THOSE ARE ALL TERMS BUILT INTO THE SALES AGREEMENT THAT WE MOVE FORWARD WITH.

THANK YOU. THANKS.

I DON'T LIKE THOSE TERMS BECAUSE I MEAN, FOR A BUCK, HOLD ON TO IT FOR 24 MONTHS.

GET FREE PARKING, GET FREE PLACE TO PUT YOUR GARBAGE, AND THERE'S ABSOLUTELY OTHER THAN PAYING SOME TAXES ON IT, NO SKIN OFF OF, YOU KNOW, AND WE DON'T WANT IT BACK.

LIKE I CERTAINLY DON'T I'M SURE IT'S PRETTY CLEAR IN OUR MEETING MINUTES FROM 20 WHENEVER WE DID THIS THAT I WAS FULLY OPPOSED TO EVER BUYING THIS LAND.

SO I DON'T KNOW IF HOLLOWAY WANTS TO AND IT MAYBE DOESN'T HAVE TO BE THE FULL AMOUNT, BUT LET'S SAY YOU THROW HALF A MILLION DOLLARS AT IT THAT WAY. IF THEY DO WALK AWAY OR DON'T MEET THEIR COMMITMENTS, AT LEAST WE'RE GETTING SOMETHING FOR THE TIME BECAUSE ADMINISTRATION HAS SPENT A TON OF TIME ON THIS AND TIME ISN'T FREE LIKE THIS LAND IS COSTING US AND I DON'T THINK IT'S UNREASONABLE TO SAY YOU'VE GOT TO PUT A LITTLE BIT OF SKIN IN THE GAME TO GET THIS.

WE'LL GIVE IT BACK TO YOU FOR SURE, AND LET'S MAKE SURE THAT THEY GET IT BACK WITHOUT.

I DON'T WANT IT TO BE LIKE A LANDSCAPING DEPOSIT WHERE YOU HAVE TO JUMP THROUGH WAY TOO MANY HOOPS.

I WANT IT TO BE YOU APPLIED FOR YOUR DEVELOPMENT PERMIT.

HERE'S YOUR $250,000 CHECK OR $500,000 CHECK.

SO, YOU KNOW, I WOULD FEEL A LOT MORE COMFORTABLE IF WE HAD SOMETHING LIKE THAT IN THERE AND PERHAPS THEY HAVE A COMMENT ON THAT, WHETHER THEY WOULD BE AGREEABLE TO IT.

HOPEFULLY THEY CAN SEE WHERE I'M COMING FROM ON THIS, BUT YEAH, WOULD YOU BE WILLING TO ENTERTAIN THE QUESTION IF YOU WANT TO JUST COME UP TO THE MIC AND YOU JUST PUSH THE BUTTON AND THEN YOU CAN RESPOND.

THANK YOU FOR THE QUESTION, COUNCILLOR.

I THINK FROM MY PERSPECTIVE.

I GUESS, WOULD WE BE OPEN TO IT? I GUESS WE'D HAVE TO HEAR MORE ABOUT IT, BUT OUR PERSPECTIVE WHEN WE LOOK AT THIS IS THERE'S A LOT OF RISK ASSOCIATED WITH THESE TYPES OF PROJECTS.

EVEN BEFORE THE CURRENT CLIMATE WITH RAISE IN BORROWING COSTS, THE UNCERTAINTY OF THE CONSTRUCTION MATERIAL COSTS, LIKE THERE'S A REASON THIS THING'S BEEN VACANT FOR SO LONG AND NO ONE STEPPED UP TO DO THIS.

IT'S A RISKY PROJECT ALONE, AND SO FOR US [INAUDIBLE] HAVE TO TAKE THAT AWAY AND WE'D HAVE TO REFLECT ON IT WITH OUR TEAM BUT INITIALLY, YOU KNOW, TO BE HONEST, THE OTHER THING THAT MAKES ME DIFFICULT FOR ME TO ANSWER THAT QUESTION RIGHT NOW IS, YOU KNOW, THE REASON WE'RE NOT GIVING A PRESENTATION TODAY AND GOING MORE IN DEPTH THAN TO THIS PROJECT IS BECAUSE I'M SORRY, I DON'T REMEMBER THE NAME OF [INAUDIBLE] REFERENCE.

THE REASON THAT THEY ARE CONSIDERING AN RFP AND CONSIDERING IT FOR A DOLLAR IS BECAUSE THERE WILL BE A LOT OF INTENSE REQUIREMENTS REGARDING WHAT THIS DEVELOPMENT LOOKS LIKE, WHAT REQUIREMENTS THE CITY IS GOING TO HAVE, AND TO BE HONEST, UNTIL WE'RE ABLE TO GET INTO THAT NEXT STAGE OF THIS MOTION BEING PASSED AND BEING ABLE TO NEGOTIATE IT, YOU KNOW, WHAT THEY NEED TO SEE AND WHAT THE CITY REQUIRES IS, YOU KNOW, IT'S REALLY HARD FOR ME TO SAY WHAT THAT LOOKS LIKE.

SO LIKE YOU SAID, YOU KNOW, WE WOULDN'T RULE ANYTHING OUT, BUT LIKE BASED ON WITH THE KNOWLEDGE WHAT WE HAVE RIGHT NOW, I THINK THAT WOULD BE DIFFICULT.

OKAY, SO I MEAN, THE CURRENT ENVIRONMENT THAT IS ONLY TWO OF THE LAST TEN YEARS, AND I UNDERSTAND BECAUSE I'M IN THAT BUSINESS, BUT, YOU KNOW, LIKE RIGHT NOW, I'M WEARING MY COUNCILLOR HAT, AND WHAT PROTECTIONS DO WE GIVE THE CITIZENS OF YELLOWKNIFE THAT.

THAT YOU'RE ACTUALLY GOING TO MOVE FORWARD ON THIS WHEN YOU HAVE LITERALLY NO SKIN IN THE GAME.

[00:55:01]

LIKE A BUCK IS NOTHING.

TO BE HONEST, IT'S A GREAT QUESTION, AND I GUESS WHEN I THINK ABOUT THIS, I THINK BACK TO THE [INAUDIBLE] REPORT, IT'S VERY CLEAR THAT THE CITY NEEDS TO INCENTIVIZE RESIDENTIAL IT NEEDS TO INCREASE DENSITY AS MUCH AS YOU CAN.

YOU KNOW, AND, YOU KNOW, LIKE YOU SAID, THERE ISN'T A LOT OF OTHER OFFERS OUT THERE NOW.

HEY, YOU KNOW, AS MS. WHITE SAID LIKE, YOU KNOW, MAYBE, YOU KNOW, THERE WILL HAVE TO BE VERY TIGHT TIMELINES AND HEY, MAYBE 24.

YOU KNOW WHAT? MAYBE YOU'RE RIGHT, 24 MONTHS, MAYBE THAT'S TOO LONG, RIGHT? MAYBE IT NEEDS TO BE SHORTER, BUT LIKE I SAID, YOU KNOW, WE THIS IS THE FIRST WE'VE HEARD OF THIS.

WE'D HAVE TO TAKE IT AWAY, BUT THAT'S OUR INITIAL THOUGHT.

SO THANK YOU FOR STEPPING UP TO THE MIC.

SO JUST 2 SECONDS IF YOU CAN JUST STATE YOUR NAME INTO THE RECORD, JUST SO WE HAVE IT IN THE FILE.

[INAUDIBLE] SHERMAN HOLLOWAY LODGING THE CHIEF OPERATING OFFICER.

PERFECT. THANK YOU. YEAH I MEAN, I'M I'M PRETTY EXCITED THAT SOMEBODY STEPPING UP AND WOULD LIKE TO DO SOMETHING TO IT. I THINK IT COULD BE AN EXCITING PROJECT.

I JUST WANT TO FIGURE OUT HOW WE CAN, AS A CITY, ENSURE THAT OUR NEW PARTNERS HOPEFULLY ARE GOING TO STEP UP AND NOT DRAG THIS OUT, AND THIS ISN'T, YOU KNOW, TEN YEARS OF OF SITTING ON VACANT LAND, BECAUSE I'M PRETTY SURE THAT THE NEXT COUNCIL AND THE COUNCIL AFTER THAT AND THE COUNCIL AFTER THAT, IF HALLOWAY COMES AND SAYS, OH, YOU KNOW, WE CAN'T GET THIS AND WE CAN'T GET THAT, AND SUPPLY CHAIN ISSUES, THEY'RE GOING TO GET EXTENSIONS ALL THE TIME.

SO I WOULD JUST LIKE TO MAKE SURE THAT, YEAH, A LITTLE BIT OF SKIN IN THE GAME THAT COULD BE REIMBURSED IS REALLY THE ONLY THING THAT I'VE COME UP WITH OVER THE WEEKEND THAT I THINK WOULD ENSURE THAT WE'RE PROTECTING THE CITIZENS' ASSETS, AND I MEAN, EVERYBODY KNOWS WHAT THE RECORD SAYS, BUT WHAT I THOUGHT ABOUT THIS WHOLE THING FROM TEN YEARS AGO, SO SUPER EXCITED THAT YOU GUYS ARE HERE.

HOPEFULLY WE CAN FIGURE OUT HOW TO MAKE EVERYBODY HAPPY AND HAVE A GREAT PROJECT.

YEAH. TAKE A LOOK AT THE HISTORY OF THIS, AND APPARENTLY 5050 IS A SEPTEMBER HIGHLIGHT, 2014, 2015, AND NOW 2022, ALWAYS IN SEPTEMBER. COUNCILLOR MORSE.

THANKS, YEAH.

I MEAN, I THINK THE CO THERE JUST POSSIBLY ANSWERED MY QUESTION, BUT I NOTICED WHEN READING THE PROPOSAL FROM HOLLOWAY, IT REFERENCES A DOCUMENT CALLED YELLOWKNIFE NEW BUILD DOCUMENT, [INAUDIBLE], I'M WONDERING WHY THAT WASN'T ATTACHED TO OUR MEMO.

IS THERE MORE TO THIS PROPOSAL THAT COUNCIL ISN'T SEEING? MS. BASSI-KELLETT. THANK YOU VERY MUCH FOR THIS.

IT WASN'T ADDED TO THIS PACKAGE BECAUSE WE'RE IN THE PROCESS OF WORKING OUT TO ENSURE THAT WE'VE GOT ALL THE PIECES THAT RESPOND TO THE RFP AND THAT WE'RE MAKING THAT OPPORTUNITY AVAILABLE TO HOLLOWAY TO DO.

I'LL ASK MS. WHITE IF SHE'D LIKE TO ADD ANYTHING.

NO, THAT'S BASICALLY IT.

WE ARE STILL WORKING WITH HOLLOWAY.

WE HAVE IDENTIFIED AS IDENTIFIED IN THE MEMO.

THERE'S A LIST OF HOW WE SCORE THIS.

SO WE JUST WANT TO MAKE SURE WE HAVE ALL THOSE PIECES IN PLACE BEFORE BRINGING ANY CONFIRMATION FORWARD.

THANK YOU. OKAY, SO SIMILAR TO MY LAST QUESTION.

I MEAN, THIS FEELS A TOUCH PREMATURE WITHOUT THAT INFORMATION.

IS THERE A REASON WHY THIS IS BEING BROUGHT TO COUNCIL FOR DECISION WITHOUT ALL THAT INFORMATION IN PLACE? MS. BASSI-KELLETT, THANK YOU VERY MUCH.

ABSOLUTELY, WE'RE BRINGING THIS FORWARD BECAUSE WHEN COUNCIL APPROVED THE PROCESS FOR THE RFP, IT WAS TO SELL THE LAND THE LOT AT APPRAISED VALUE, AND SO WHAT WE'RE PITCHING TODAY IS THAT THERE BE APPROVAL PROVIDED THAT COUNCIL WOULD AUTHORIZE US TO SELL FOR LESS THAN APPRAISED VALUE AND THAT WE COULD ENTER INTO A PURCHASE AGREEMENT BASED ON THOSE TERMS OF REFERENCE. SO COUNCIL HAD ALREADY PROVIDED THE TERMS OF REFERENCE, BUT WE'RE COMING BACK TODAY TO SAY THE ONE THING WE'D LIKE TO CHANGE IN THAT IS THE REQUIREMENT TO SELL AT APPRAISED VALUE. SO THAT'S WHAT WE'RE SEEKING TODAY AND OTHERWISE.

THEN WE'LL CONTINUE WITH THE RFP.

THANK YOU. OKAY, SO WHAT WOULD HAPPEN, COUNCIL GIVES ADMINISTRATION THIS DIRECTION OR ADMINISTRATION IS HOPING COUNCIL WILL AND THEN FROM THERE THAT WOULD I ASSUME, GIVE HOLLOWAY A BIT OF CERTAINTY WITH WHICH TO DEVELOP A MORE COMPLETE APPLICATION AND THEN THAT WOULD COME BACK TO COUNCIL FOR APPROVAL OR SIMPLY COUNCIL'S OUT OF THE PROCESS AT THIS POINT. ADMINISTRATION WORKS WITH THEM AT THAT POINT.

MS. BASSI-KELLETT.

THANK YOU VERY MUCH FOR THE QUESTION.

SO THE RFP AND THE DETAILS CONTAINED WITHIN WERE APPROVED BY COUNCIL, GIVING US MARCHING ORDERS TO GO AND SEEK TO MARKET THE PROPERTY, TO FIND A PROPONENT THAT WOULD MEET THE CRITERIA THAT WERE LAID OUT IN THAT FOR DEVELOPMENT OF THE PROPERTY, AND SO WE STILL HOLD THAT TO BE OUR MARCHING ORDERS.

[01:00:02]

WHAT WE DO SEE IS THAT WE ARE COMING BACK TO ASK FOR THE SALE FOR LESS THAN APPRAISED VALUE OF COUNCIL IS SUPPORTIVE OF THAT.

OTHERWISE WE WILL GO AHEAD.

WE WILL WORK WITHIN THE TERMS OF THE RFP THAT COUNCIL PROVIDED THE DIRECTION THAT WAS PROVIDED BY COUNCIL AT THAT TIME.

WE'LL MAKE SURE THAT ANY PROPOSAL THAT COMES ALONG DOES MEET THAT.

SO FOR EXAMPLE, IF WE HAD A PROPOSAL THAT CAME FORWARD THAT SAID, GOSH, WE'D LIKE TO MAKE THIS INTO A NICE PARKING LOT AND PUT A FENCE AROUND IT.

WELL, THAT CERTAINLY ISN'T MEETING THE TERMS THAT ARE PUT IN FOR DEVELOPMENT OF THE PROPERTY.

SO WE WOULD NOT BE ADVANCING ANYTHING LIKE THAT, BUT WE ARE LOOKING TO SEEK TO MEET ALL OF THE PRINCIPLES THAT ARE IN THE TERMS OF REFERENCE AND THOSE OF COURSE ARE BASED ON YEARS OF STUDIES PROPOSAL, NOT PROPOSALS, BUT STUDIES AND REPORTS AND DOWNTOWN REVITALIZATION.

SO MANY PIECES COME TOGETHER TO FORM THE BASIS FOR THE CRITERIA THAT ARE CONTAINED IN THE RFP.

MS. WHITE, ANYTHING YOU'D LIKE TO ADD? NO, I THINK THAT WAS VERY THOROUGH.

THANK YOU, AND I JUST WANTED TO POINT OUT, THE RFP DOES SAY THAT IT'S THE PLANNING ADMINISTRATOR'S RESPONSIBILITY TO ENSURE THAT ALL OF THE CRITERIA COUNCIL LISTED FOR THE RFP ARE MET.

SO THAT WOULD THEN FALL TO MYSELF.

THANK YOU. OKAY, BUT I CAN TELL YOU WHO PEOPLE WILL BE TALKING TO IF THIS PROJECT GOES BELLY UP OR BADLY, ETC., ETC., ETC..

IT IS THE POLITICIANS WHO END UP BEING THE FACE OF THESE THINGS, EVEN IF WE HAVE VERY LITTLE CONTROL OVER WHAT HAPPENS, WHICH IS ONE OF THE DIFFICULT THINGS ABOUT BEING A POLITICIAN, YOU'RE OFTEN TAKING RESPONSIBILITY FOR PROJECTS YOU DIDN'T PERSONALLY WORK ON.

I GUESS PERSONALLY, I'M A LITTLE BIT DISAPPOINTED TO NOT SEE WHAT'S FULLY BEING PROPOSED.

I DON'T REALLY UNDERSTAND THE RATIONALE FOR CUTTING COUNCIL OUT OF THAT.

I DON'T. YOU'RE ASKING US TO EFFECTIVELY GIVE A FAIRLY BLANK PROPOSAL OR SORRY, APPROVAL OF SOMETHING, BUT WHY WOULD WE NOT BE ABLE TO SEE ALL THE INFORMATION YOU DO? I JUST DON'T UNDERSTAND WHY KEEPING US IN THE DARK IS GOING TO HELP THIS GET MOVE FORWARD.

IT'S STRANGE--THE PROPOSAL IS NOT COMPLETE YET.

IT'S NOT COMPLETE.

[INAUDIBLE] WELL, IT SOUNDS TO ME LIKE THEY DID SOME OF THE PAPERWORK AND WE'RE JUST NOT SEEING IT.

I GUESS THE CHALLENGE IS ALWAYS THE HOW MUCH DETAIL DO YOU GO INTO WITHOUT ANY CERTAINTY THAT COUNCIL IS GOING TO APPROVE IT.

SO AND IF COUNCIL GETS THE HALF COOKED IDEA THAT STILL NEEDS TO GO THROUGH THE ACTUAL PROCESS, AND THEN YOU SAY, OH, THIS DOESN'T MEET THE TERMS OF REFERENCE, I'M NOT GOING TO APPROVE IT.

SO IT'S ONE OF THOSE QUESTIONS OF IF COUNCIL SUPPORTIVE ADMINISTRATION WILL SPEND MORE TIME, IT'S GOING TO SPEND A LOT OF TIME.

IF IF COUNCIL'S NOT SUPPORTIVE OF SELLING THE LOT FOR BELOW APPRAISED VALUE, THEN ADMINISTRATION SHOULD SHUT DOWN AND STOP WORKING ON THIS RIGHT NOW.

SO THAT'S IT'S ALWAYS THE TRICKY PART.

IT'S JUST LIKE THE CONDITIONALLY PERMITTED DEVELOPMENT PERMITS THAT WE ALL WANT TO SEE, LIKE THE FINISHED DEVELOPMENT PERMIT WHEN WE DON'T GET TO THAT STAGE UNLESS COUNCIL LETS ADMIN THROUGH THE FIRST GATE.

SO IT'S ALWAYS THAT TRICKY HOW FAR DOES ADMINISTRATION WORK WITH PEOPLE BEFORE COMING TO COUNCIL? YEAH, I GET THAT.

IT'S WORTH NOTING THAT I'M TALKING ABOUT INFORMATION THAT HAS BEEN PROVIDED TO ADMINISTRATION.

I'M NOT TALKING ABOUT MAKING THE PROPONENT GO OUT AND DO MORE.

I'M SAYING WHY ARE WE NOT SEEING WHAT WAS FULLY GIVEN TO ADMINISTRATION ALREADY? IT JUST DOESN'T MAKE SENSE TO ME THAT COUNCIL DOESN'T GET TO SEE IT IF WE'RE THE ONES BEING ASKED TO APPROVE IT.

MS. BASSI-KELLETT THANK YOU VERY MUCH.

NO, I DON'T FEEL LIKE I'M BEING UNREASONABLE.

I GUESS THE CHALLENGE, THOUGH, IS IT'S A DRAFT THAT STILL NEEDS TO GO THROUGH ALL OF THE THINGS.

SO IT'S NOT THE FINISHED PRODUCT AND SO WE MAY GET INTO.

I DON'T LIKE IT BECAUSE IT'S BLUE, WHICH WE WE'VE DONE IN THE PAST.

I KNOW FOR A FEW PROJECTS, BUT MS. BASSI-KELLETT.

THANK YOU VERY MUCH AND IT'S A REALLY GOOD DISCUSSION TO BE HAVING.

SO WHAT WE HAVE RECEIVED IS A PRELIMINARY PITCH AROUND WHAT COULD GO ONTO THIS LOT AND WE THINK THAT IT'S GREAT.

WE WERE ON TO WORK WITH HOLLOWAY TO MAKE SURE THAT ALL OF THE ITEMS THAT ARE INCLUDED IN THE TERMS OF REFERENCE ARE MET SO THAT WE HAVE A ROBUST PROPOSAL THAT DOES MEET THOSE TERMS. SO, FOR EXAMPLE, THE WAY THE LOT IS USED.

WE KNOW THAT IN OUR DOWNTOWN, WE WANT TO MAKE SURE THAT IF THERE, FOR EXAMPLE, WAS A SMALL LITTLE PARK THAT WAS TUCKED AWAY IN A BACK CORNER OF PROPERTY BEHIND A BUILDING, THAT MIGHT NOT NECESSARILY BE SOMETHING THAT WE THINK IS DESIRABLE OR THAT MEETS THE TEST OF THE TERMS OF REFERENCE THAT ARE INCLUDED.

SO WHAT WE WANT TO DO IS MAKE SURE THAT THE TERMS OF REFERENCE AND ALL OF THE CRITERIA THAT ARE INCLUDED IN THERE, THAT ANY PROPONENT HAS THE OPPORTUNITY TO REALLY ANSWER TO

[01:05:08]

THOSE AND TO BE ABLE TO PUT THE BEST PROPOSAL FORWARD THAT MEETS THAT.

THANK YOU. ALL RIGHT, I'M CURIOUS TO HEAR WHAT MY COLLEAGUES HAVE TO SAY ON THIS.

ANY QUESTIONS, COMMENTS, DISCUSSION.

COUNCILLOR WILLIAMS. YEAH.

THANK YOU, MADAM CHAIR. YEAH, I CAN SEE WHERE COUNCILOR MORSE IS TOILING WITH THIS, AND I CAN KIND OF ALSO GET A SENSE THAT I GUESS MAYBE WHAT WAS PRESENTED DIDN'T FILTER THROUGH THOSE PERCENTAGES, I GUESS, AND THAT'S WHAT THE ADMINISTRATION IS NOT WANTING, I THINK ON A HIGH LEVEL, YOU KNOW, I THINK WE BOUGHT THIS LOT ON FAITH AND THAT MAYBE THERE'S A LITTLE BIT OF FAITH THAT'S NEEDED IN KNOWING THAT IT HASN'T BEEN DEVELOPED FOR SO MANY YEARS.

SO GIVEN THAT WE DO HAVE PARTNERS THAT ARE FAMILIAR WITH THE AREA CURRENTLY DOING BUSINESS IN OUR COMMUNITY, HAVE SKIN IN THE GAME IN OUR COMMUNITY, AND ARE LOOKING TO PUT MORE INTO OUR COMMUNITY.

YOU KNOW, THAT SEEMS AT A HIGH LEVEL POSITIVE AND I KNOW THAT I GET A SENSE THAT MAYBE THEY DON'T WANT COUNCIL TO BE TOO MUCH INTO FLICKING THE SWITCHES ON COLORS AND SIDING CHOICES AND STUFF LIKE THAT, BUT AT THE END OF THE DAY, I WOULD JUST REALLY LIKE TO SEE THIS LOT BE DEVELOPED.

SO IF IF WHAT ADMINISTRATION NEEDS FROM US TODAY IS OUR BLESSING TO GO DOWN THAT PATH, THEN I GUESS THAT'S WHAT I'M PREPARED TO DO TODAY.

SO, YOU KNOW, FOR ME, I'M CERTAINLY ON THE YES SIDE TO THIS, BUT I ALSO AGREE THAT, YEAH, THE A COUPLE OF PRETTY PICTURES OF BUILDINGS WOULD HAVE BEEN REAL NICE AND WOULD HAVE, I THINK, PUT SOME CONCERNS AT REST.

AGAIN, I HAVE ALL KINDS OF QUESTIONS ABOUT PARKING AND ALL KINDS OF OTHER THINGS BECAUSE WHEN YOU PUT A 12 STORY BUILDING ON THAT LOT AND THAT PICTURE, I KIND OF GO, GEEZ, THERE'S NO PLACES FOR PEOPLE TO PARK, BUT MAYBE A FUTURE COUNCIL WILL CONSIDER MAYBE MAKING ONE OF THOSE STREETS ONE WAY AND THE OTHER WAY, ONE WAY ON THE OTHER SIDE OF THAT BUILDING, PUT ANGLED PARKING IN AND REALLY MAKE IT A GREAT CENTER PLACE OF DOWNTOWN.

SO BASED ON THE INFORMATION THAT WE HAVE RIGHT HERE, LET'S GET THIS BUILDING BUILT.

SO MY VOTES.

YEAH. THANK YOU.

ANY OTHER QUESTIONS OR COMMENTS, COUNCILOR PAYNE AND THEN COUNCILLOR MUFANDAEDZA.

THANK YOU, MADAM CHAIR.

I DON'T KNOW IF THIS IS A STUPID QUESTION OR NOT, BUT IF WE'RE GOING TO BE GIVEN THIS PROPERTY FOR LIKE A DOLLAR NOMINAL AMOUNT, I'M ASSUMING THAT ONCE THIS BUILDING IS BUILT, WE WILL BE CHARGING REGULAR TAXES.

THERE WILL BE NO DISCOUNT ON TAXES FOR A SPECIFIC AMOUNT OF TIME WE'LL BE TREATING THIS PROPERTY THE SAME AS EVERYBODY ELSE.

MS. BASSI-KELLETT THANK YOU VERY MUCH FOR THE QUESTION.

IT'S AN EXCELLENT QUESTION.

VERY PLEASED TO SEE THIS QUESTION COME FORWARD.

MS. WHITE.

THANK YOU VERY MUCH.

IF YOU WILL LOOK AT PAGE 28 OF YOUR AGENDA, I DID IDENTIFY THAT THE APPLICANT, THE PROPONENT COULD MAKE AN APPLICATION UNDER OUR EXISTING INCENTIVE BYLAW.

IT WOULD BE UP TO COUNCIL DEPENDING ON WHAT IS BEING ASKED WHETHER OR NOT THAT COULD BE APPROVED.

SO WE ARE WORKING ON A NEW INCENTIVE BYLAW, SO IT WOULD REALLY DEPEND ON TIMING.

I DIDN'T WANT EXACTLY THE QUESTION YOU'RE ASKING.

I DIDN'T WANT IT TO BE UNANSWERED.

SO AS OF RIGHT NOW, THEY COULD MAKE APPLICATION FOR THIS TYPE OF ABATEMENT AND DEPENDING ON WHICH PORTION OF THE RESIDENTIAL ABATEMENT THEY APPLIED FOR, IT MAY COME TO COUNCIL.

IT MAY NOT. SO JUST WANTED TO PUT THE INFORMATION THERE SO THAT YOU ALL HAD IT AND WE'RE AWARE.

THANK YOU. YEAH, BECAUSE IN MY MIND, IT SHOULD BE LIKE BUYING A CAR.

YOU'RE NOT GOING TO GET A LOW PRICE AND A LOW INTEREST RATE.

IT'S EITHER ONE OR THE OTHER.

SO I THINK THINK ABOUT THAT WHEN YOU APPLY FOR ALL THIS.

THANK YOU. COUNCILLOR MUFANDAEDZA.

THANK YOU VERY MUCH, MADAM CHAIR.

I JUST WANTED TO VOICE MY SUPPORT FOR THE MEMO.

I CAME IN TO THE MEETING WITH A NUMBER OF QUESTIONS REGARDING HOW THIS PROPOSAL WOULD CHANGE THE VALUE OF THE AREA, HOW IF THE PROPONENT WOULD HAVE THE OPPORTUNITY TO RESELL BUT YOU HAVE ANSWERED MY QUESTIONS AND I'M PRETTY MUCH SATISFIED.

EXCITED TO SEE THIS PROPOSAL BEFORE US AND HOPING THAT WHATEVER DEVELOPMENT COMES IN THE FUTURE IS SOMETHING THAT REALLY WILL HELP THE CITY AND REVITALIZE DOWNTOWN.

SO THANK YOU FOR THIS. THANK YOU.

ANY OTHER QUESTIONS OR COMMENTS? COUNCILOR SMITH? THANK YOU.

[01:10:01]

I'M REALLY INTERESTED TO SEE WHAT HOLLOWAY HAS OR IS ACTUALLY JUST LOOKING AT CLARK INC, YOUR GUYS' BUDGET AND EVERYTHING FROM YOUR LAST QUARTER, AND I'M JUST NOTING SOME OF THE INTERESTING THINGS THAT I SEE, AND AS AN INVESTOR, YOUR GUYS' THERE'S A PART IN THERE THAT SAYS WE DON'T INVEST PASSIVELY, WHICH IS INTRIGUING ALL IN ITSELF, BUT I FIND JUST BY READING YOUR LAST QUARTER, I'M REALLY INTRIGUED TO SEE WHAT YOU GUYS BRING FORWARD TO US.

SO THANK YOU SO MUCH.

THANK YOU.

FOR MYSELF, AND THEN COUNCILOR MORSE, [INAUDIBLE] FOR ROUND TWO, THE ONE THING I WAS WONDERING ABOUT WOULD BE IT MENTIONS IN THE DEVELOPMENT PROPOSAL THAT IT'S GOING TO BE THE TERM AFFORDABLE AND THERE'S AFFORDABLE SOLUTION FOR STUDENTS AND TEACHERS MOVING TO THE TERRITORY.

I THINK WE CAN KIND OF THROW AROUND THE TERM AFFORDABLE A LOT.

JUST WONDERING IF THE CITY IS CONTRIBUTING TO THE PROJECT, WHETHER WE HAVE A CAVEAT AGAINST THE TITLE TO ENSURE THAT THE HOUSING REMAINS AFFORDABLE AND PERHAPS IT'S NOT ALL THE HOUSING, BUT LOOKING AT CMHC'S AFFORDABLE DEFINITION THROUGH CO-INVESTMENT, WHETHER THAT'S SOMETHING WE'D CONSIDER.

MS. BASSI-KELLETT, BECAUSE I THINK WITH THE CMHC'S CO-INVESTMENT, NOT EVERY UNIT HAS TO BE DEFINED AS AFFORDABLE, BUT X PERCENT OF THE UNITS HAVE TO BE DEFINED AS AFFORDABLE , AND THEN IT'S LINKED TO YELLOWKNIFE'S MEDIAN RENTAL.

MS. BASSI-KELLETT. THANK YOU VERY MUCH FOR THE QUESTION.

I'LL ASK MS. WHITE IF SHE'D LIKE TO RESPOND.

THANK YOU. I THINK WE WOULD NEED TO HAVE A BYLAW IN PLACE WHICH WOULD ALLOW US TO MOVE FORWARD WITH THOSE TYPES OF AGREEMENTS AND PARTNERSHIPS, WHICH HOPEFULLY WE'RE GOING TO BE BRINGING FORWARD TO COUNCIL SPRING 2023.

I DON'T KNOW IF MAYBE MS. THISTLE HAS SOME ADDITIONAL INFORMATION.

THANK YOU. THANKS.

YEAH, THERE ARE DIFFERENT WAYS YOU CAN PUT PROTECTIONS IN PLACE.

ANOTHER CONCERN WOULD BE IT GETS DEVELOPED IN TWO YEARS, BUT IN FOUR YEARS WE SEE MOBILE HOMES AND TRAILERS THAT ARE SOLD INITIALLY FOR 400,000 THAT THEN ARE 600,000, AND SO THEY'RE AFFORDABLE FOR A VERY SHORT PERIOD OF TIME.

SO THERE ARE PARAMETERS THAT CAN BE PUT IN PLACE.

SO WE'LL BE LOOKING AT THE VARIETY OF THOSE.

I CAN TELL YOU, FOR EXAMPLE, THE BAILEY HOUSE, THAT WAS A 15 YEAR COMMITMENT.

THERE WAS A FORGIVABLE MORTGAGE IN THAT CASE AND EVERY YEAR THAT IT WAS RAN THE WAY IT WAS SUPPOSED TO BE IN ACCORDANCE WITH THE TERMS OF THE AGREEMENT, A PORTION WAS FORGIVEN AND THAT AGAIN, WAS A PROTECTION SO THAT SALVATION ARMY COULDN'T SELL THE THAT PROPERTY AND HAVE A MULTIMILLION DOLLAR PROFIT TO PUT IN ANOTHER PLACE, FOR EXAMPLE.

SO WE'VE GOT DIFFERENT EXAMPLES OF THAT JUST IN THE CITY THAT'S BEEN DONE, AND THERE ARE EXAMPLES ACROSS THE WORLD WHERE THAT'S BEING DONE.

SO THAT IS SOMETHING THAT WE HAVE TO MAKE SURE IS IN PLACE BECAUSE LIKE YOU SAID, IT'S NOT EVEN JUST AT THE BEGINNING, IF YOU WANT TO PREVENT THAT FLIPPING OF PROPERTIES LATER , AND THAT'S WHEN WE SEE REALLY THINGS BECOMING MOST UNAFFORDABLE.

IT'S NOT WHEN THEY'RE FIRST SOLD, IT'S LATER.

SO THAT'S DEFINITELY THINGS THAT WILL BE PUT IN PLACE TO ENSURE THAT IF AFFORDABLE HOUSING IS A REQUIREMENT, THAT IT REMAINS AFFORDABLE THROUGHOUT THE DURATION OR AS LONG AS WE CAN.

YEAH, THANK YOU FOR THAT, AND THAT'S PERHAPS A GOOD EXAMPLE TO THE FORGIVABLE LOAN.

IT'S LIKE THE SCALING DOWN, AND ON THE QUESTION OF CAVEATS TOO ARE ALL OF THE CAVEATS STILL ON THE PROPERTY? BECAUSE I BELIEVE ONE OF THE CAVEATS IS YOU CAN'T HAVE A HOTEL BECAUSE THEN I WAS ALSO THINKING OF THAT THIS BECOMES HOUSING AND THEN ALL OF A SUDDEN IT'S AN AIRBNB.

SO BUT IF IT'S GOT A CAVEAT THAT IT CAN'T BE A HOTEL STILL IN PLACE, THEN THAT MIGHT REDUCE THE CHANCE OF IT GOING FROM HOUSING TO AIRBNB.

MS. BASSI-KELLETT THANK YOU VERY MUCH.

YES, WE'VE BEEN SUPER AWARE OF THE CAVEATS FOR QUITE SOME TIME AND I'LL ASK MS. THISTLE TO GIVE AN UPDATE ON WHAT WE'VE BEEN DOING.

I THINK AS WE ARE ALL AWARE, THERE'S A NUMBER OF CAVEATS ON THAT PROPERTY.

HOWEVER MOST OF THE PERTINENT ONES ARE AT THE OWNER, WHICH IS THE CURRENT APPLICANT, SO THEY CAN REMOVE CAVEATS AS THEY DEEM THEY WANT TO.

AS WELL, THE CITY CAN GIVE NOTICE TO CAVEAT OR TO WITHDRAW A CAVEAT.

SO THERE ARE TWO PROCESSES.

IT WOULD BE A LITTLE BIT MORE CONTROVERSIAL IF IT WAS THE CITY TRYING TO REMOVE CAVEATS AT THE OWNER DID NOT WANT REMOVED.

IN THIS CASE. I BELIEVE IT'S GOING TO BE IN CONSENSUS THAT JUST EVERYBODY WANTS THOSE CAVEATS REMOVED.

SO IT'S ACTUALLY A FAIRLY SIMPLE PROCESS THROUGH THE LINE TITLE SYSTEM.

THANK YOU. YEAH, AND I APPRECIATE COUNCILLOR KONGE'S POINT ABOUT THE SKIN IN THE GAME AND THE DEPOSIT THING.

[01:15:05]

I'M NOT GOING TO SAY ONE WAY OR THE OTHER WHETHER THAT'S THE BEST WAY.

I THINK IF ADMIN CAN WORK.

AT THE END OF THE DAY, I WANT TO SEE THIS LAND DEVELOPED, AND SO IF IT'S ENOUGH TO HAVE THOSE COMMITMENTS THAT THEY HAVE TO HAVE THE BUILDING PERMITS AND BUILD.

THAT'S WHAT WE NEED IN THE PURCHASE AGREEMENT.

FOR ME, IT'S BEEN TWO YEARS THAT WE'VE HAD THIS RFP OUT AND SO THIS IS THE FIRST ONE THAT WE'VE HAD INTEREST IN.

IF THEY DO GO FORWARD WITH THE 180 PLUS UNITS OF HOUSING, YOU KNOW, THE DONATION OF LAND EQUALS $8,056 DISCOUNT PER RESIDENTIAL UNIT, WHICH ISN'T THE BIGGEST, BUT IT IS SOMETHING AND IF IT GETS THE LAND DEVELOPED, THAT'S GREAT, AND YEAH, THE HISTORY OF THIS IS SOMETHING COUNCILOR KONGE AND I ARE THE ONLY ONES ON THE COUNCIL AT THE TIME.

NEITHER OF US SUPPORTED IT. SO WE'RE TAKING THE [INAUDIBLE], TRYING TO GET THAT SILK PURSE OUT OF IT.

THE LOT WAS PURCHASED, THE MONEY WAS SPENT IN 2014.

THE PLAN WAS TO BUILD A PARK OR PLAZA, WHICH WAS ESTIMATED TO COST $2 MILLION, AND TODAY'S PROPOSAL, I THINK, WILL DO MORE TO REVITALIZE THE DOWNTOWN THAN THAT PARK WAS GOING TO, AND IT'S NOT GOING TO COST THE TAXPAYERS ANY MORE TO DEVELOP, AND IT WILL GENERATE TAX REVENUE ONCE IT'S BUILT AND IF PENDING THE FIVE YEAR TAX ABATEMENT, AND SO I AM SUPPORTIVE OF THIS PROJECT.

I THINK IT'S A GOOD USE OF LAND.

YOU KNOW, HAVING HOUSING IS A KEY PRIORITY.

HAVING IT IN THE DOWNTOWN IS A KEY PRIORITY AND BEING ABLE TO THE VISITORS CENTER IS OPEN TODAY, AND WHAT IS IT, TEN, 20, 30,000 PEOPLE THAT WILL POSSIBLY BE GOING THROUGH THAT VISITOR CENTER? WE'LL BE GOING THROUGH THAT MALL.

WE HAVE 180 UNITS.

IF YOU EVEN MULTIPLY THAT BY TWO, YOU ALL OF A SUDDEN HAVE 300 PEOPLE IN THE DOWNTOWN IN THAT AREA.

SO I DO THINK IT'S AN IMPORTANT PROJECT AND HOPE ADMIN AND THE PROPONENT CAN GET IT PAST THE LINE GET IT BUILT BUT I DO THINK IT'S YOU KNOW AND I APPRECIATE THE PROPONENT HAS SAID IT WILL BE TRANSFERRED BACK IF IT'S NOT BUILT IN A TIMELY WAY, AND THAT'S DEFINITELY A KEY THING THAT I'D WANT, WHICH ALREADY IS INCLUDED IN OUR PURCHASE AGREEMENTS, BUT AND THEN SOMETHING ABOUT MAKING SURE THAT IT REMAINS AFFORDABLE HOUSING, WHETHER THAT'S THAT FORGIVABLE LOAN THAT SCALES DOWN OR WHETHER IT'S THE CAVEAT THAT 30% IS ATTACHED TO MEDIAN INCOME OR RENTALS , BUT I WILL NOT GET INTO THE WEEDS OF THAT PART THERE.

COUNCILLOR MORSE.

THANKS. YEAH, I DO WANT TO TAKE ADVANTAGE OF HAVING THE DEVELOPER HERE IN FRONT OF US TODAY.

SO IF YOU GUYS DON'T MIND, I WOULD BE.

I DON'T KNOW HOW LONG HOLLOWAY HAS HELD THE UPPER MALL.

ARE YOU ABLE TO ANSWER THAT QUESTION, FIRST AND FOREMOST? YOU WANT TO COME ON UP TO THE PODIUM.

I'LL HAVE A FOLLOW UP QUESTION.

SO YOU MIGHT AS WELL JUST HANG OUT THERE.

SO I DON'T KNOW THE EXACT DATE, BUT I BELIEVE THAT ASSET USED TO BE OWNED BY A ROYAL HOST PREVIOUSLY, AND I BELIEVE HOLLOWAY WOULD HAVE ACQUIRED ROYAL HOST. IT WOULD HAVE BEEN AROUND 2014, 2015, MAYBE.

I'LL BE HONEST, I'M KIND OF GOING OFF THE TOP OF MY HEAD, BUT I WOULD GUESS AROUND THAT TIME FRAME, THAT'S FINE.

I DIDN'T NEED AN EXACT ANSWER, SO I GUESS I'LL MAKE A POINT AND THEN JUST A QUESTION.

SO MY EXPERIENCE OF THAT UPPER MALL HAS BEEN THAT IT HAS BEEN MANAGED SOMEWHAT PASSIVELY.

YES, TO BE HONEST, WE'RE VERY AWARE OF THAT IT HAS NOT BEEN LIKE I CAN TELL YOU, [INAUDIBLE], OUR DIRECTOR OF OPERATIONS FOR HER, SHE'S RELATIVELY WE'VE CHANGED A LOT OF MANAGEMENT, SENIOR MANAGEMENT IN THE LAST I'VE BEEN IN THIS ROLE SINCE NOVEMBER, [INAUDIBLE] BEEN IN CHARGE OF THE NORTHERN REGION FOR US VERY RECENTLY, AND TO BE HONEST, IT'S ONE OF THE ITEMS THAT WE'VE IDENTIFIED IS THAT WE HAVE NOT DONE A GOOD JOB WITH THAT MALL.

THEY HAVE NOT INVESTED THE MONEY IN IT THAT THEY SHOULD HAVE, AND SO I DID SOMETHING THAT WE WE PUT AN EMPHASIS ON TRYING TO LEASE THAT UP, TRYING TO MAKE SOME IMPROVEMENTS.

WE HAVE BEEN REVIEWING THAT.

TO BE HONEST, HAVE WE MADE THE PROGRESS WE NEED TO YET? NO BUT IT IS SOMETHING THAT'S VERY MUCH ON OUR RADAR, AND I CAN UNDERSTAND WHY YOU'RE ASKING ABOUT IT.

YEAH, AND DON'T GET ME WRONG, I'M NOT HERE TO GIVE YOU GUYS A HARD TIME ABOUT IT.

I JUST VERY FAIR QUESTION, BUT YEAH, AND I APPRECIATE YOU KIND OF, YOU KNOW, ADDRESSING THAT HEAD ON, BUT I SUPPOSE WHAT I WAS LOOKING FOR, I MEAN, I THINK THAT THERE'S A POTENTIAL FOR THIS PROJECT TO HELP REVITALIZE THAT SPACE AS WELL, AND I THINK THAT THERE'S A LOT OF POTENTIAL FOR REVITALIZATION IN THAT SPACE WITH KIND OF A MIXTURE OF PUBLIC AND PRIVATE ENTITIES.

I THINK YELLOWKNIFE IS LONG OVERDUE FOR SORT OF A REFURBISHMENT OF ITS OF ITS LIBRARY, WHICH I THINK COULD BE EXCITING TO DO WITHIN HERE.

[01:20:05]

THERE'S BEEN TALK OF CONFERENCE CENTERS THAT COULD HAPPEN IN THAT SPACE.

I THINK THAT THE SORT OF TRADITIONAL MALL THAT WE REALIZE THAT DOESN'T WORK, AND IT'S NOT JUST A YELLOWKNIFE PROBLEM.

I MEAN, THIS IS A PROBLEM THAT HAS HAPPENED ALL ACROSS NORTH AMERICA.

THERE'S ALL THESE MALLS BUILT IN THE EIGHTIES AND NINETIES THAT ARE NOW THESE KIND OF WHITE ELEPHANTS, AND SO YOUR COMPANY IS SITTING ON THIS.

SO NOT TO GET TOO FAR INTO IT.

I MEAN, I THINK THERE'S QUITE A BIT OF POTENTIAL HERE.

I HOPE THAT YOU SEE THE SAME THING.

I HOPE THAT COUNCIL APPROVING THIS WILL OPEN THE DOOR TO SOMETHING PROGRESSIVE AND EXCITING HAPPENING HERE, WHICH IS LONG OVERDUE FOR THIS TOWN AND FOR THAT SPACE.

I'D JUST LOVE TO HEAR FROM YOU, LIKE WHAT ON A HIGH LEVEL IS YOUR VISION FOR THIS DEVELOPMENT AND HOW IT COULD KIND OF IMPROVE BOTH OF THESE AREAS IN THE COMMUNITY? AND WHY IS IT THAT YOU WANT TO COME HERE AND INVEST HERE? I'M JUST CURIOUS TO HEAR FROM YOU.

NO, ABSOLUTELY.

I GUESS FOR ONE, FOR US, WE'RE VERY CLOSE TO THIS PROPERTY.

WE KNOW IT WELL. WE'RE [INAUDIBLE].

LIKE YOU SAID, THERE IS SOME PROBABLY SHARED INTEREST THERE IN REVITALIZING THE DOWNTOWN.

WE OWN THE UPPER MALL, THE QUALITY IN YELLOWKNIFE, WE'RE VERY INVESTED IN THE AREA.

I GUESS THE OTHER SIDE OF IT, TOO, IS.

YOU KNOW, IF YOU LOOK AT HOLLOWAY'S HISTORY, YOU KNOW, HISTORICALLY IT'S BEEN MORE OF A HOTEL OPERATIONS COMPANY, BUT IF YOU DO LOOK LIKE COUNCILLOR SMITH LIKE THAT, IF YOU LOOK AT OUR HOLLOWAY WEBSITE, IF YOU LOOK AT OUR ASSOCIATION WITH CLARK AND [INAUDIBLE] ESPECIALLY IN THE [INAUDIBLE] SIDE, THERE IS A LOT OF DEVELOPMENT, REAL ESTATE DEVELOPMENT AND HOLLOWAY IN THE LAST FEW YEARS HAS STARTED TO TAKE ON A LOT MORE OF THOSE TYPE PROJECTS.

FOR EXAMPLE, IF YOU LOOK ON OUR WEBSITE, YOU'LL SEE THE RESIDENTIAL DEVELOPMENT WE'RE DOING IN OTTAWA RIGHT NOW, AND REALLY, FOR US, TO BE HONEST, WE WERE LOOKING AT OTHER OPPORTUNITIES WITHIN OUR PORTFOLIO, AND WHEN WE LOOKED OUT THERE, WE SAW YELLOWKNIFE AS, YOU KNOW, ONE WE LIKE OPERATE IN THE NORTH.

WE JUST INVESTED A SIGNIFICANT AMOUNT IN A RENOVATION TO A HOTEL IN WHITEHORSE.

THAT'S BEEN A VERY GOOD INVESTMENT FOR US.

YOU KNOW, WE JUST LOOKED AT THE LANDSCAPE, QUITE HONESTLY.

WE DIDN'T REALLY OVERTHINK THIS TOO MUCH.

THERE'S JUST A SIGNIFICANT NEED FOR RESIDENTIAL.

IT'S A COMMUNITY WE'RE ALREADY INVESTED IN, AND TO BE HONEST, WE ARE, LIKE I SAID, WITH WHAT WE ALREADY OWN DOWNTOWN, IT MAKES A LOT OF SENSE FOR US TO SEE THAT AREA IMPROVE AND WE KNOW AND THIS LOT'S BEEN SITTING THERE FOREVER.

WE KNOW THAT THERE'S MOTIVATION TO INCENTIVIZE DEVELOPMENT, AND, YOU KNOW, THE STARS KIND OF ALIGNED, I GUESS, THAT WE THOUGHT, HEY, THIS IS A GOOD IDEA TO THROW OUT THERE AND SEE IF THERE'S INTEREST. OKAY, THANKS.

ALL RIGHT, I APPRECIATE YOU GUYS TAKING THE TIME TO COME UP HERE, ASSUMING BOTH OF YOU AREN'T FROM YELLOWKNIFE OR LIVE HERE.

I MEAN, THE FACT THAT YOU'RE HERE MEANS SOMETHING TO ME, AT LEAST.

THAT'S IT FOR ME, FOR THE CORPORATION AND FOR ADMINISTRATION.

THANK YOU. ANYTHING FURTHER? SEEING NONE.

SEEING GENERAL SUPPORT.

WE WILL BRING THIS FORWARD TO OUR NEXT COUNCIL MEETING, WHICH IS NEXT MONDAY, SEPTEMBER 19TH AT 7 P.M..

WITH THAT, OUR FINAL ITEM ON THE AGENDA IS.

OH, NEVER MIND. OUR NEXT MEETING IS MONDAY, SEPTEMBER 26TH.

THANK YOU.

BECAUSE TONIGHT WE HAVE A MEETING.

MONDAY, SEPTEMBER 26TH.

WE'LL BE DISCUSSING THIS.

FINAL ITEM IS MEMORANDUM WHETHER TO APPOINT A MEMBER TO SERVE ON THE MAYOR'S TASK FORCE ON ECONOMIC DEVELOPMENT, WHICH IS THE YELLOWKNIFE CHAMBER OF COMMERCE, WOULD LIKE TO

[7. A memorandum regarding whether to appoint a member to serve on the Mayor’s Task Force on Economic Development.]

CHANGE THEIR MEMBER TO MELISSA [INAUDIBLE], WHO IS THE EXECUTIVE DIRECTOR.

ANY QUESTIONS, CONCERNS? SEEING NONE. THAT'S GREAT AND WE WILL BRING THAT FORWARD TO OUR NEXT COUNCIL MEETING, WHICH IS MONDAY, SEPTEMBER 26TH AT 7 P.M..

WITH THAT, IF I CAN GET A MOTION TO ADJOURN AND MOVE BY COUNCILOR WILLIAMS, SECONDED BY COUNCILOR MUFANDAEDZA SEEING NOBODY OPPOSED.

WE CAN BE ADJOURNED AND I'LL SEE EVERYBODY BACK AT 7 P.M..

* This transcript was compiled from uncorrected Closed Captioning.

Sep 12, 2022 Governance & Priorities Committee

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