$6.5M grant for downtown condo tower back before mayor's inner circle
Bartley Kives | CBC News | Posted: January 14, 2017 1:14 AM | Last Updated: January 14, 2017
Economic incentive package for SkyCity Centre unchanged from September, when developer requested it be shelved
A $6.5-million city grant for the SkyCity Centre condo tower is coming back before Mayor Brian Bowman's inner circle next week, unchanged in any way since the developer requested it be withdrawn from the table four months ago.
In September, the city offered Fortress Real Developments $6.5 million over 10 years to help cover the cost of building a 44-storey condo tower on Graham Avenue.
The grant was offered because the project would not meet the construction deadline for a previous grant program that would have paid out the money all at once, in a lump sum.
Executive policy committee voted to shelve the grant for four months after Fortress requested the grant be withdrawn. City property director John Kiernan said the city and Fortress are in talks about a compromise deal.
Those talks are still proceeding, said Jonathan Hildebrand, a spokesman for the mayor. He said he expects the public service to request more time to work out a deal.