Polygon Development 307 Ltd. is proposing a 37 Storey High rise at this location (pg45). There are currently Four two and a half storey multifamily lowrises on the subject site. How many families will be forced out of their homes to make room for these 253 new residents?
The public hearing is scheduled for 2015 January 27.
In accordance with Council’s adopted policy, 80% of the cash-in-lieu contributions are
applied toward the appropriate Town Centre Financial Account and 20% to the City-wide
Housing Fund. Of the $10,302,627 associated with the subject amenity bonus,
$8,242,102 (80%) would be allocated to the Metrotown Town Centre Financial Account.
The remaining $2,060,525 (20%) would be directed to the City-wide Housing Fund.
Changes to the amenity bonus program mean that the money no longer is required to remain in the Metrotown Town Center(pg19). Moneys can now be utilized more widely is the “Metrotown Quadrant” or the City’s “Civic Center”