G.S. 84
RESTRICTED
- 6 -
XCR(78) 200
Alternative Options
9
Although the Corporation has indicated that it is not prepared to take a fallback position from its request for full development of the site, it is nevertheless felt that the various options should be placed before Members. These would appear to be as follows:
(a)
(b)
(c)
If Members agree that the full development potential of the site containing approximately 10, 563 square metres should be realised, then negotiations can be completed on the basis that :
(1)
(ii)
the development rights on the initial plot ratio of 9.38 referred to in paragraph 7 above and assessed as at July 1977 values should attract a premium of $20, 23 million; and the additional development rights to obtain full potential of the site (ie, a plot ratio of 15) should be assessed at current market values. The Director of Lands, Survey and Town Planning has reviewed the increases in market values for such sites over the past 12 months and has assessed the additional premium for the difference in plot ratio at $55.62 million giving a total premium of $75.85 million, say $76 million. It is, however, recommended that this premium should be paid by instalments over 10 years at 10%.
If Council considers that notwithstanding the reappraisal of traffic and other considerations a development somewhat less than could normally be obtained of such a site should only be permitted, then a 20-storey development comprising 4 storeys of podium decks and 16 storeys of office accommo- dation on this site would attract a premium of $20.23 million, this being the same development and premium recommended in paragraph 9(a)(i) above,
The third alternative, which whilst having certain attractions for the Corporation does not commend itself to the Director of Public Works, is that a site having an equivalent value of $159 million
RESTRICTED
No comments yet.
Private notes are available after approval.