On August 9, the Property Assessment Appeal Board ruled that Concord Pacific’s 9 acre site on the False Creek Waterfront was worth $1.00.
The Adjudicator said it was worth $12million, but then deducted the cost of the promised park from the value of the land. Wouldn’t it be great if you or I could promise to build a million dollar improvement in our condos and have that deducted from the assessed value.
The FCRA decided to appeal that decision. This is done by way of submitting questions on the case to the Supreme Court of British Columbia. We wanted to ensure that the Supreme Court had all the pertinent facts, so we asked the Appeal Board to ensure the Court knew that the density granted to Concord Pacific in exchange for the park was 7650 (later increased to over $10,000).
But the Appeal Board refused to submit that fact to the SupremeCourt, claiming that the units had not been built!!
SPECIAL ALERT TO PEOPLE LIVING IN CONCORD PACIFIC BUILDINGS ON THE NORTH SHORE OF FALSE CREEK: YOU DON’T HAVE TO PAY YOUR MUNICIPAL TAXES BECAUSE YOUR UNITS DON’T EXIST.
Does it get more ridiculous!!