TOareaFan
Superstar
http://www.thestar.com/news/article/1037804--brampton-greenlights-redevelopment
Brampton greenlights redevelopment
Published On Wed Aug 10 2011
San Grewal
Urban Affairs Reporter
Some local observer response to those quotes:
With the biggest project in Brampton’s history hanging in the balance, Mayor Susan Fennell slammed down her gavel Wednesday and yelled, “I take great exception to your insinuation that my vote is for sale.”
Four hours later, she cast the deciding vote in a 6-5 council decision to allow developer Dominus to begin a redevelopment of the city’s ageing downtown core that could cost more than half a billion dollars.
Not sure when it happened, or why, but this particular writer really has "it in for" the Mayor of Brampton. The next time he writes an article about Brampton that does not insinuate corruption in the Mayor's office will be the first. He also is guilty of hyperbole here. The vote yesterday were for phases 1 and 1a which have a total cost of just over 200 million over 25 years (it is a rent to own project...actual cost of development $94 million but the developer fronts that and earns their profit off of the rent to own payments).
Council is now in the unusual position of having voted for a massive project without even beginning to discuss how to pay for it. Construction is set to begin in late October.
Perhaps I was watching a different debate but City Staff laid out, quite well, how this gets paid for. Every year in the City's operating budget they include an amount that gets taken from the operating budget and applied as "taxpayer contribution to capital budget"......this money gets transfered to the capital budget and forms a small portion of the capital budget (last year it was 7% of the capital budget but that varies depending on other monies raised {senior government grants/programs/investment, development fees, etc).....the city staff showed, quite well, how little impact allocating $8 million a year of this pays for this project (which, over time, is actually a capital project afterall) has on the city's other capital program.
How anyone could watch that debate yesterday and leave with the impression that the City has not even begun to discuss how to pay for it....I don't know.
It remains unclear if Wednesday’s vote ties the city to Dominus beyond the first phase. The company’s estimate would put the total cost of all three phases at over $500 million, when the same finance rates built into the first phase are applied.
Again, just from watching this debate and reading the staff report...it is perfectly clear to me. If the City is desirous of building phases 2 and 3 on the sites discussed....then yes they are partnered with Dominus. If the City has a change of heart they can cancel the future phases and free Dominus up to do something else with the Phase 2 lands.
Residents are finally going to get a downtown redevelopment. Even if it’s not the one some wanted, or at a cost they were willing to pay.
Isn't this how democracy works? Some like/want this development and some don't. After many years of study and proposal a plan was developed and went to a vote. It was a close vote, yes, but the majority of the duly elected councillors voted yes.....seems "fair".