Jul 5, 2016 - Development site has been shifted to Residents & Small Business . ... CONTACT South Vancouver Parks So
July 5, 2016 For Immediate Release
FACT SHEET - PART I South Vancouver Parks Society
LOBBYIST ARRANGES $367 MILLION TAX BENEFIT IN PRIVATE MEETING ● No Written Report Was Required by Assessment employees to grant the largest known property tax reduction in BC history. ● BC Assessment says, previous records “Not Relevant”and refuse to disclose. ● Oakridge Centre Development Partnership Pay ZERO Property Tax for Highrise Density that was approved on March 14, 2014. ● Tax burden of annual (est.) $5.5 million revenue Loss of the approved Oakridge Development site has been shifted to Residents & Small Business.
The largest known assessment reduction in BC history($867million reduced to $500million) was accidentally recorded by a South Vancouver Parks Society (SVPS)Director (Glen Chernen) between January and April 2015. Discovery of the prior public record and deletion, led to a 14 month assessment appeal process and efforts to obtain BC Assessment’s $867 million internal calculations through FOI requests.. June 13-17, 2016 - A live Assessment Board trial was held June 13-June 17 2016. A decision is expected late summer. Complaints of possible wrongdoing were made by the Society during the appeal process and it was indicated that any such complaints be addressed elsewhere.
-OTHER DOCUMENTS WILL BE MADE AVAILABLE SOON-
CONTACT South Vancouver Parks Society on Twitter @FeeSimplePark , by email at
[email protected] or visit our http://vanparks.ca/ website
July 5, 2016 For Immediate Release
FACT SHEET - PART I South Vancouver Parks Society
PRIVATELY ARRANGED WITHOUT TYPICAL EXAMINATION - “error or omission” Section 10(2) BC Assessment Act - Allows the Assessor and landowner to bypass 3rd party examination normally conducted by (BC Property Review Board Panel “PARP”) when an “agreed reduction” is reached due to evidence of “error or omission”. RUBBER STAMP: The privately arranged $367, 217,000 reduction was obtained after “PARP” rubber stamped the landowner / Assessor “agreed reduction”. BC ASSESSMENT MAINTAINS -Previous valuation & “error or omission” Not Relevant! ●
Image on left is a redacted “Not Relevant” spreadsheet provided by BC Assessment re: the $867 million Assessment prior to reduction. ● Click link for FOI results http://goo.gl/va3RpJ
FICTIONAL DEVELOPMENT PLAN & +DENSITY LOWERS VALUE BC Assessment created a revised development valuation method, made from a fictional development plan for 13-14 lots, despite no such application applied for or approved. Based on their fictional plan, the revised BC Assessment calculation then resulted in a land value decrease at Oakridge Centre, from 2334 lot condos & increased density The side image is a summary of the Assessors disclosed conclusions. They chose the “current rental” “Income Approach” as the highest value after the $867 million valuation was eliminated for unknown reasons. Oakridge Centre development partnership will pay no added tax for approval of 2334 strata lots(condos).
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