From Jan 18 Morning Star P. A3
' The new complex would include 6000 sq ft of office space on the second floor. McVarnock envisions city staff moving into there, freeing up space in city hall's lower floors for RCMP offices'
As part of the possible annual rental recoveries of $597,805 that the city is using to produced their MAXIMUM annual tax of $55.86 annually on a $400,000 property the amount to be recovered for RCMP Rental for the projected 6000 sq ft is $186,646 ($31.11 per sq. ft).
The original RCMP estimate for the 6000 sq. ft. to be occupied in the proposal that was turned down in the counter petition was for an annual rental income of $40,499 ($6.75 sq. ft.) which appears to be the rental cost for their existing space.
If as the RCMP inspector says that he expects to move into the lower floor of the existing hall then it would be expected that the rent to be charged would be closer to $6.75 a sq ft. than $31.11.
The difference of about $146,000 may never be realized in the rental income and will add at least 15.9% or $8.88 minimum to the supposed MAXIMUM tax levy of $55.86 for the $400,000 property owner.
Hopefully in their next ad the City will use a more balanced range of possible costs charges that the both the residential and business taxpayer may face if they decide to approve this financing. I give them full permission and waive copywrite to both my cheat sheet and any other more balanced information they find on this blogspot. No consulting fees or charges will be assessed !
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