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Vancouver adjusts capital spending after development revenue dips

DCN-JOC News Services
Vancouver adjusts capital spending after development revenue dips
PROVINCE OF B.C. — The City of Vancouver is having to adjust its capital spending after development revenue has dropped.

VANCOUVER — To cope with the COVID-19 pandemic, the City of Vancouver has announced it will be altering its current capital plan by scaling back or postponing some large, multi-year projects.

In a report presented to council recently, staff recommended a series of adjustments after the city saw an estimated $219 million drop in development and partner contributions due to stagnant development activity following the start of the pandemic.

The city will now reduce its four-year capital plan by $254 million from $2.9 billion to $2.6 billion. As some capital projects are funded from property tax and utility fees on a pay-as-you-go basis, estimated savings of $10 to $29 million are expected to help reduce the immediate pressure on property taxes and fees in 2021 and 2022.

Some of the scaled back/delayed projects include:

  • Renovation and construction work on Manitoba Yards and work on city hall campus buildings ($3.25 million)
  • Delayed park construction ($26.3 million)
  • Gastown complete streets project ($7.2 million)
  • Georgia Gateway West complete streets project ($4.5 million)

In addition to the cuts, staff have proposed the following investments:

  • $48 million to support the Resilience Strategy including the Grandview Firehall renewal and expansion project and relocation of the city’s data centre
  • $12 million for zero emissions buildings and public electric vehicle charging infrastructure
  • $5 million to support equity-based projects with community partners and improved accessibility at community facilities

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