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Could be an end of era for Guv Complex? :(
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| robbiej |
:nervous: http://www.thestar.com/News/article/209041
friend posted this on a local forum :'(
Bayfront office tower bid endorsed
May 01, 2007 04:30 AM
Paul Moloney
city hall bureau
A $159.5 million taxpayer-financed waterfront building was enthusiastically endorsed yesterday by city council's powerful executive committee.
The seven-storey office development, to be leased to Toronto-based Corus Entertainment, is to be built with a $132 million loan from the city, $15 million from the city's economic development agency and $12.5 million from the Toronto Waterfront Revitalization Corp.
The project is seen as a way to bring 1,300 jobs to the East Bayfront section of the waterfront, just east of the Tate & Lyle (formerly Redpath) sugar refinery.
Developers want to put up condominiums on the north side of Queen's Quay, so it's important to secure jobs on the water's edge, said TWRC president John Campbell.
"From our point of view on the public side, I think the onus is on us on the south side to try to drive as much commercial development as possible and get jobs down there," he said. "That is really, really critical."
The return on the public investment is estimated at 8 to 8.5 per cent, slightly lower than a private sector investor would require, said Joe Pennachetti, the city's chief financial officer.
Another public benefit is the expectation surrounding public lands will rise in value, the committee was told.
"Council at the end of the day must weight the project's public benefits," Pennachetti said. "From my perspective, the employment benefit kickoff for the waterfront is a very positive force for us moving forward..."
Mayor David Miller urged councillors to look beyond the city's naysaying political culture. "We need to learn how to say yes." If approved by council, construction would begin in August, with Corus moving into the building in November 2009. |
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| Import |
| See skybar thread... |
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| EvilTree |
| Where the heck did the city get 132 million bucks to lend? I thought the city was broke? |
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| oldschool420 |
| quote: | Originally posted by EvilTree
Where the heck did the city get 132 million bucks to lend? I thought the city was broke? |
Hahaha they probably are. Go Toronto!:wtf: |
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| geroin |
we need a moderator on this forum lol
how hard it is to check the other thread |
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| Cosmic Fur |
| quote: | Originally posted by geroin
we need a moderator on this forum lol
how hard it is to check the other thread |
Yeah, because everyone reads all the pages of a thread dealing with an unfounded rumour. |
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| |3 |_ @ Z 3 |) |
| There needs to be more clarity in regards to what the future holds for the Guv. What completely baffles me is why Mr. Khabouth is renovating the complex when its in talks to be demolished by the years end... and the one sensible conclusion would be for Guv to go out with a bang before closing its door after a decade of intense club life. |
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| Big Boss |
| What a stupid thread. So they are building condos on Queens Quay? How does this mean the end for Guvernment. They aren't building them ON THE GUVERNMENT PROPERTY, SO WHO CARES?! |
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| EvilTree |
| quote: | Originally posted by Big Boss
What a stupid thread. So they are building condos on Queens Quay? How does this mean the end for Guvernment. They aren't building them ON THE GUVERNMENT PROPERTY, SO WHO CARES?! |
I can hear the noise complaints already |
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| robbiej |
| quote: | Originally posted by EvilTree
I can hear the noise complaints already |
+
and to the others; unfortunately i dont read every forum so i didnt know it was talked about in another |
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| |3 |_ @ Z 3 |) |
| quote: | Originally posted by Big Boss
What a stupid thread. So they are building condos on Queens Quay? How does this mean the end for Guvernment. They aren't building them ON THE GUVERNMENT PROPERTY, SO WHO CARES?! |
Cleary you don't. That entire article reaps of the Guv's closing. The city is pushing to boost the public sector for employment increases in that specific part of Toronto. Do you really think you can have condominiums or workplaces even remotely close to the Guv complex WITHOUT noise complaints? This is what the city wants... as many complaints as possible so when the right time comes they have every reason to shut down the complex. The worst part is that it would not solely be the City's decision anymore as they would focus primarily on the publics view. That is why of course they plan to build the condos and increase the workforce; for the public. While there are thousands of clubbers on a weekly basis that attend that complex, excessive noise levels in the wee hours of the morning are intolerable for any resident living in Toronto. |
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