can you rephrase that, spilty?
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POOR BONDO!!!!!!!!!!!!!!!!!!!!!!!
Your mind is so troubled by the many things you do not understand!!!!!!!!!!!!!!!!!!!!
So please Bondo- do not read this article as it will only confuse you further!!!!!!!!!!!!!!!!!!!!!!!!!!!
Here is an aritcle illustrating how LIE-beral minded Cdn govt is leaking money in a thousand directions!!!!!!!!!!!!!!!! No wonder our govt books do not balance!!!!!!!!!!!!!!!!!!
LIE-berals could not run a chip truck at profit- not even if you gave them the chips for free!!!!!!!!!!!!!!!!!!!!!!!
Regent Park revitalization $107 million in the hole
By Sue-Ann Levy, Toronto Sun. First posted: Sunday, January 29, 2017 01:22 PM EST . Updated: Sunday, January 29, 2017 01:35 PM EST
(With some comments of my own in brackets):
TORONTO - The $1-billion and counting 15-year Regent Park revitalization project is not even half done and already $107 million in the hole, the city’s budget committee heard last week.
According to a report to the Jan. 24 budget committee, the $107-million city bailout required to finish Phase 3 is only the start with another $182-million funding shortfall predicted (on a preliminary basis) for Phases 4 and 5 and $100 million-plus for another revitalization of Lawrence Heights.
The budget committee approved — with barely a whimper — a plan concocted by city finance staff to increase the annual capital subsidy to Toronto Community Housing Corp. (TCHC) by $6 million to help pay for the 339 social housing units that have yet to be built in Phase 3.
They also agreed to guarantee another $101.7 million in new debt that must be taken out to finance the Regent Park project.
TCHC spokesman Sara Goldvine confirmed Friday that the total amount spent and committed by the city and TCHC on Regent Park to date is $512.7 million, which includes the current bailout and offsite housing on Adelaide St. E.
The report to budget committee says quite clearly that the original vision for Regent Park — first approved in 2003 — was that proceeds from sales of market housing developed by the Daniels Corp., along with operating and capital maintenance savings and the city’s contribution to infrastructure, were supposed to pay for the revitalization.
I can’t say I’m the least bit surprised that this socialist utopia — which was to replace 2,000 units of decrepit social housing and place them alongside 2,800 market units — is in financial difficulties. As I revealed in a 2012 expose, the exact details of the 50-50 joint venture company between Daniels and TCHC created to build Phase 1 and the details of who paid what were murky even to the city’s auditor-deneral at the time.
(This stupidity on the part of Silly Hall staffers illustrates the standard result when civil service Hogs try to outsmart private sector! Hogs just don’t have what it takes NOT TO BE TAKEN! Silly Hall staff could not run a hamburger stand at a profit I if you gave them the beef for free!)
In 2012, TCHC officials repeatedly refused to respond to questions about whether the prime downtown land was handed over to Daniels Corp. for a nominal fee of $2, claiming it could “harm the interests” of TCHC and the city on future such developments.
(Oh right! WE would not want all developers to discover how easy it is to sucker govt! And we would not want the public to figure out that it would be more effective for Silly Hall to simply hand out housing aid directly to those in need and to SKIP the costly and muddled “affordable housing’ messes run by grossly lazy and greedy civil service Hogs that Toronto so often gets into! Metro Toronto Housing is the biggest slum lord in the country! Get Silly Hall OUT of the housing business and let it go bac k to private hands-with income CASH supplements offered DIRECTLY to those who really need them-that way if your building is a thug infested pig-pen you CAN MOVE AWAY! And greedy unions don’t get the opportunity to bleed us dry!)
The best I was able to ascertain at the time was that $86 million had been given to Regent Park in 2009 and 2010 — raised through debt — to help pay for the construction and the city had waived $7.8 million in in development fees and property taxes, at least in the early days.
City spokesman Wynna Brown claimed Friday that the development charges are being paid by the condo owners -she didn’t specify whether that was indeed the developer.
(Should we ask: if Brown doesn’t know or doesn’t WANT to know”? Because knowing might make her feel bad?)
Councillor Shelley Carroll — while contending that it wasn’t “unusual” to have to top up funding for a revitalization — did try to ask interim CEO Greg Spearn on Jan. 24 whether there’s been an accounting of what’s been delivered by the private partner (Daniels Corp.) on its financial promises and the exact amount the city has put into the project.
(The city is replacing older structures previously built by the city with brand new structures also built by the city-just HOW MANY SURPRISES can there be in such a situation?)
Spearn responded that 109 reports have been provided to the board on Regent Park since 2003 and a consolidated “roll-up” to date was just relayed to city CFO Rob Rossini and will be given to their board.
He offered no figures in response to Carroll’s questions.
Instead Spearn blamed the increased accessibility requirements needed in their units and rising construction costs due to a “robust real estate market.”
(The price of housing is rising-SO WHAT? The city OWNS the land ALREADY! What new costs can they encountering?)
“There was always an anticipation in council reports that Regent Park would have a ‘hole’ but now the chickens are coming to roost so to speak,” he told budget committee.
(Again I : WHAT can this `hole` be from? Other than fiscal mismanagement?)
It would appear Regent Park’s latest “affordable” units aren’t that affordable to build either. According to the city report, the costs for the outstanding Phase 3 units range from $294,853 to $301,049 per unit.
REGENT PARK AND ITS FISCAL WOES
Revitalization, a partnership between TCHC, city and Daniels Group
Supposed to take 15 years
Supposed to be six phases
Original cost was $1-B
City has put $512.7-M into project to date
Cash injection includes $107.7 ($101.7 in new debt) approved at budget committee last week
City predicts at least a $182-M shortfall on Phases 4 and 5
(No doubt that $182 -M shortfall is as wrong as every other off by at least 25 percent Silly Hall GUESS-timate! How is it that Silly Hall is ALWAYS at least 25 percent OFF with All its budgets fo building anything?)
Will house 2,083 replacement rent-geared-to-income units- 1,817 on-site and 266 in east downtown.
Will house 5,000 private market condominium units- original concept was 3,000 units.
(Hold it-Silly Hall gets a total of 2400 units and the private sector gets FIVE THOUSAND units? And Silly Hall STILL comes up hundreds of millions SHORT? And the private sector makes a profit while Silly Hall runs around looking for MORE MONEY? Is this not proof positive that Silly Hall should NOT be in the housing business?)
Includes new parks, aquatic centre, arts and culture centre, retail space.
(OH that`s nice- a swimming pool and a place to hang crap modern art the city has bought. Or maybe they will simply re-assemble Cloaca since it’s a leftover from that other fiasco Harbourfront- Cloaca is the larger than life size model of a human digestive system complete with fully functioning asshole!)
Phase 1 done
Phase 2 is nearing completion and includes Paintbox, One Park Place (two towers) with 1,062 market condo units
Phase 3 currently in progress and will include Regent Park Athletic Grounds, 2,000 market condos and 600 social housing units
As of September 2016, a total of 1,271 TCHC households have been relocated in Phases 1, 2, and 3.
(I guess we can assume the city will be paying for re-location of Regents Park residents-certainly the developers don’t seem to have needed to dig to deep to pay THEIR WAY!)
Slevy at postmedia