Don Quixote Note: In this article it is mentioned that "The proposed gallery, which the city has committed to built at its cost-would increase from the current 6000 sq ft in the parkade to 11,300 sq. ft. Rental rates would increase from $11 to $25 per sq Ft. "The gallery has an estimated construction cost of $4,822,000 for its 11,388 sq ft. area. This cost would require an annual rental of $352,063.98 or $30.91 per sq. ft if amortized over 25 years OR $398,209.53 or $34.97 per sq ft. if amortized over 20 years.
To their Credit the City has used only the existing rental of $47,028 (which is $8 sq ft approx.) in calculating their possible recoveries and this figure is in their calculations when they present their cost per average house in all their ads. If the Council had received a firm commitment from GVSC to participate in the funding of the capital costs of the Gallery before referendum the tax burden could have been lowered for the Vernon taxpayer. Moreover the tax base could have been shifted from full property value to improvements only as is the case of the Multiplex and the Performing Arts building. In addition the costs to the business community would have been lowered if funded and taxed through GVSC (NORD) as their tax ratio is 2.45 at NORD while it was at 2.75 when taxed by the City of Vernon.
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