Chief
07-24-2007, 08:42 AM
If you read Jeff Mize's piece this morning, and you follow this blog with any regularity, it was immediately obvious that Council only got about half of the story last night.
If you look at the diagram that was published with this piece, it shows that the scope of the project was access to the site only, and that has been rescaled quite a bit as well.
Several weeks ago, Gramor Development made a presentation to the Commissioners of the Port of Vancouver, and they presented their initial drawings for the site which showed an extensive street and sidewalk plan. Here are the links to those diagrams so you can see what else this plan will involve.
<a href="http://www.clarkblog.org/PORT/Exhibit%20C.pdf >Preliminary Street Design, Bosie Cascade Site Development</a>
<a href="http://www.clarkblog.org/PORT/Exhibit%20B.pdf>Exhibit "B"</a>
A week or so later, the City Council approved their "City Center Visioning Plan" which is essentially their blueprint and specifications for the Boise Cascade Site.
I have been saying since February that I thought this was going to pencil out at around $100 Million Dollars, and I now believe that total will likely be much higher once everything is known.
Here are a few bullets that struck me from this morning's story...
**Gramor Development is only claiming 35% of the $62 Million Dollar cost, or about $21.7 Million.
**The City of Vancouver is claiming responsibility for 20% of the cost, or about $12.4 Million.
** Mize makes the following statement.
"Even with the assumption Vancouver would receive 5 percent from BNSF Railway and 10 percent from state grants, the city still could find itself facing a $15 Million gap."
His math is questionable on this, because if we stick with the higher figure of $62 Million (worst case) and apply his figures, it leaves an $18.60 Million Dollar gap.
I have stated before that I don't believe the City is going to get anywhere near $6.2 Million from the State on this, so that makes the gap even bigger.
** We still do not know what the costs are that the City has promised to share, to install streets, sidewalks, light poles, benches, and all of the other accoutrement's that they want for "our waterfront".
** This project is directly in the Bridge Impact Area (BIS) for the Columbia River Crossing Project, and to date, I have not heard a word about what the expected impact of putting 3,000 residential living units in the BIA will have on the project.
** Speaking of those 3,000 new condominiums that Gramor wants to build on those 19 acres, where in hell are they planning to park all of the cars that belong to those residents?? Are we looking at building yet another publically funded mega-garage, also equivalent in volume to a Blazer's Game, to serve that site as well??
** Who is going to be willing to shell out the money for what will almost certainly be market-value condominiums, that are bordered by a major railroad line in back, and the now elevated Interstate 5 approaches to the Columbia Crossing on another?? The noise down there will be relentless, and non-stop.
** Hizzonor "Rolls" Royce was quoted as asking how long it would take for the City to earn their "investment" back. the honest answer to that one is "not at least for a decade" because that's how long those condos will be tax-exempt. Congratulations Vancouver!! You are about to be a part-owner Iain 3,000 + mostly empty condos, along with another Hotel that the City will no doubt be asked to help underwrite.
** I think it's foolish in the extreme to plan on putting that many people down there, with only two tunnels as a way out. God forbid such a thing should happen, but what if a train derails and spills something toxic or flammable down there?? How would you get those people out??
** the next time the Columbia and Willamette rivers hit the 100 year flood level, what prevents that site from flooding?? Is there any provision for emergency pumps for those 2 underpasses?? How much will those cost??
** Tim Leavitt was quoted as saying that the site will need "alternate modes of transportation", such as "walking paths, buses, and possibly even a trolley." And how much will that cost Councilman?? How will you get access to the site for a trolley?? Another tunnel??
This whole presentation to Council was an exercise in fantasy. Gramor Development needs to get it through their heads that the City of America's The 'Couv does not have the money to spend on Gramor's project. If this is such a hot economic idea, then Gramor should be able to build this all by themselves. The fact they are only willing to pick up 35% of this piece tells me this is a pig in a poke, and that this project is doomed from the start.
Gramor reportedly wants to close on the sale of this in 45 days. In order to do that, they are going to need to have absolute assurances from someone with very deep pockets, who will cover the rest of the cost, and the City of Vancouver ain't it.
I stick by my prediction that we will see action to raise some sort of transit tax to pay for this, shortly after the City Council elections are over.
Developing....
If you look at the diagram that was published with this piece, it shows that the scope of the project was access to the site only, and that has been rescaled quite a bit as well.
Several weeks ago, Gramor Development made a presentation to the Commissioners of the Port of Vancouver, and they presented their initial drawings for the site which showed an extensive street and sidewalk plan. Here are the links to those diagrams so you can see what else this plan will involve.
<a href="http://www.clarkblog.org/PORT/Exhibit%20C.pdf >Preliminary Street Design, Bosie Cascade Site Development</a>
<a href="http://www.clarkblog.org/PORT/Exhibit%20B.pdf>Exhibit "B"</a>
A week or so later, the City Council approved their "City Center Visioning Plan" which is essentially their blueprint and specifications for the Boise Cascade Site.
I have been saying since February that I thought this was going to pencil out at around $100 Million Dollars, and I now believe that total will likely be much higher once everything is known.
Here are a few bullets that struck me from this morning's story...
**Gramor Development is only claiming 35% of the $62 Million Dollar cost, or about $21.7 Million.
**The City of Vancouver is claiming responsibility for 20% of the cost, or about $12.4 Million.
** Mize makes the following statement.
"Even with the assumption Vancouver would receive 5 percent from BNSF Railway and 10 percent from state grants, the city still could find itself facing a $15 Million gap."
His math is questionable on this, because if we stick with the higher figure of $62 Million (worst case) and apply his figures, it leaves an $18.60 Million Dollar gap.
I have stated before that I don't believe the City is going to get anywhere near $6.2 Million from the State on this, so that makes the gap even bigger.
** We still do not know what the costs are that the City has promised to share, to install streets, sidewalks, light poles, benches, and all of the other accoutrement's that they want for "our waterfront".
** This project is directly in the Bridge Impact Area (BIS) for the Columbia River Crossing Project, and to date, I have not heard a word about what the expected impact of putting 3,000 residential living units in the BIA will have on the project.
** Speaking of those 3,000 new condominiums that Gramor wants to build on those 19 acres, where in hell are they planning to park all of the cars that belong to those residents?? Are we looking at building yet another publically funded mega-garage, also equivalent in volume to a Blazer's Game, to serve that site as well??
** Who is going to be willing to shell out the money for what will almost certainly be market-value condominiums, that are bordered by a major railroad line in back, and the now elevated Interstate 5 approaches to the Columbia Crossing on another?? The noise down there will be relentless, and non-stop.
** Hizzonor "Rolls" Royce was quoted as asking how long it would take for the City to earn their "investment" back. the honest answer to that one is "not at least for a decade" because that's how long those condos will be tax-exempt. Congratulations Vancouver!! You are about to be a part-owner Iain 3,000 + mostly empty condos, along with another Hotel that the City will no doubt be asked to help underwrite.
** I think it's foolish in the extreme to plan on putting that many people down there, with only two tunnels as a way out. God forbid such a thing should happen, but what if a train derails and spills something toxic or flammable down there?? How would you get those people out??
** the next time the Columbia and Willamette rivers hit the 100 year flood level, what prevents that site from flooding?? Is there any provision for emergency pumps for those 2 underpasses?? How much will those cost??
** Tim Leavitt was quoted as saying that the site will need "alternate modes of transportation", such as "walking paths, buses, and possibly even a trolley." And how much will that cost Councilman?? How will you get access to the site for a trolley?? Another tunnel??
This whole presentation to Council was an exercise in fantasy. Gramor Development needs to get it through their heads that the City of America's The 'Couv does not have the money to spend on Gramor's project. If this is such a hot economic idea, then Gramor should be able to build this all by themselves. The fact they are only willing to pick up 35% of this piece tells me this is a pig in a poke, and that this project is doomed from the start.
Gramor reportedly wants to close on the sale of this in 45 days. In order to do that, they are going to need to have absolute assurances from someone with very deep pockets, who will cover the rest of the cost, and the City of Vancouver ain't it.
I stick by my prediction that we will see action to raise some sort of transit tax to pay for this, shortly after the City Council elections are over.
Developing....