The Property Assessment Appeal Board has ruled that the 9 acre site which, according to the 1989 deal made by the City of Vancouver and the Province of British Columbia and Concord Pacific, is to be a public park – Creekside Park — just like David Lam Park, George Wainborn Park and Coopers Landing Park. Those parks are assessed at approximately $175.00 per square foot. The Creekside Park is assessed at less than $1.00 per square foot. The False Creek Residents Association appealed that assessment.
The Appeal Board agreed! It placed the value of the park at over $12,000,000. But then it deducted the amount of money Concord Pacific has budgeted for completion of the park from that amount and came up with the figure of $1.00 for the whole 9 acres.
This is like deducting the cost of your mortgage from the assessed value of your home. Wouldn’t that be sweet!
You can read the decision here. Let us know what you think.