Tuesday, July 21, 2015

City Buys Back Hotel Site From SSS Manhao

Fencing and Signs .....
City exercises Option to Purchase Agreement

Nanaimo City Council agreed to instruct staff to exercise the Option to Purchase Agreement with SSS Manhao and reacquire 100 Gordon Street for $565,000.00.

It will be interesting to note if SSS Manhao have been required to pay property taxes on this site, and if they are unpaid, will it be deducted from the purchase price? Will they be required to pay legal fees associated with this property transaction, or will the taxpayer pick up the tab for that also?

Whether or not the $65,000 that was paid to them for advertising in China has been adequately investigated to see if Nanaimo taxpayers got any value for those funds is yet to be determined.

At the council meeting former Councilor Sherry addressed council advising that any future offers being considered to build high rise hotels on this site should come with a warning about what he sees as serious geo-technical issues with that property. He cited the considerable extra expense encountered when building the VICC which involved mixing concrete with soil to make a stable base for the convention centre.

Sherry suggested a better use of that small lot would be the return of a downtown bus exchange from it's present site on Prideaux Street.


No comments:

Post a Comment

Your comment will appear after moderation before publishing,

Thank you for your comments.Any comment that could be considered slanderous or includes unacceptable language will be removed.

Thank you for participating and making your opinions known.