Mike Howell, Vancouver Courier
Published: Wednesday, May 05, 2010

Concord Pacific paid $4,347 in taxes on 12.3 acres.

The city will review why a nine-acre waterfront property in Northeast False Creek has been assessed at surprisingly low values for almost a decade.

NPA Coun. Suzanne Anton said she received an email Monday from city manager Penny Ballem in which Ballem indicated the city will investigate why the B.C. Assessment office set the property's value at $400,000 this year.

The $400,000 value is an increase from last year's $192,000 assessment that dates back to 2001 and included an additional three acres.

Concord Pacific paid $4,347 in taxes on the property last year.

The city has the right to appeal the value but Anton said she wanted to hear back from Ballem and the city's legal department before pushing for an appeal.

"As to why the city hasn't appealed, I think that's a good question," Anton said.

"Since the question has been raised," added Anton, "at least the city should put its mind to it and decide whether or not an appeal is needed."

Concord Pacific Developments Inc. owns the property that occupies the land between Carrall Street and the Telus World of Science parking lot. The site, which was home to pavilions and Molson Hockey House during the 2010 Winter Games, will eventually be developed into a park.

The Courier revealed the assessed values of the property in an April 30 cover story after researching assessment records. The property serves as Concord Pacific's sales centre.

Anton said she is hopeful senior staff's review will also explain why a 7.5 acre piece of land to be developed into a park on Malkin Avenue was assessed at $18.5 million this year--more than $18 million more than the Concord Pacific site.

The Malkin Avenue property, which will become Trillium Park, is four blocks east of the Concord Pacific site. The city owns the land and pays no taxes on it.

COPE Coun. Ellen Woodsworth isn't prepared to wait for city staff to review the assessed value of Concord Pacific's property. She recommended the city appeal immediately.

"That's the only way we can find out whether we can get a better assessment done--is if we appeal," she said. "I don't see any reason why we wouldn't do that. We're desperately short of cash and we're going into another year in which I suspect we're going to have to find further cost savings."

The city sets the taxes based on the assessed value set by the assessment office, which is an independent body separate from the city and provincial government.

Vision Vancouver Coun. Kerry Jang said he wasn't aware of the assessed value of the Concord Pacific site until he read the Courier's April 30 story.

Jang said he would contact city senior staff to get an explanation on why the value has been historically low for the property. "I don't know enough of the details on that particular piece of land to comment," said Jang, who referred calls to Vision Coun. Raymond Louie, who chairs council's finance committee.

The Courier left messages Friday and Monday for Louie, who did not respond before deadline Tuesday. Vision councillors Heather Deal, Tim Stevenson and Mayor Gregor Robertson also didn't return calls before deadline.

In the Courier's April 30 story, Matthew Meehan of Concord Pacific said the future park site has a low assessment value because no buildings can be constructed on it.

Meehan estimated it will cost up to $20 million to build the park before it is turned over to the city. The site is also polluted with contaminated soil.

Deborah Francis, deputy assessor for Vancouver, told the Courier in last week's cover story the contaminated soil is a "red herring" when setting the assessed value.

Concord Pacific has appealed the $400,000 value tagged to the property. It has also appealed the assessed values of its adjacent properties.

© Vancouver Courier 2010