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.

6611 Marlborough6592 Dunblane6579 Marlborough

6650 dunblane

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”

Expenditure of Community Benefit Funds  (means $$ originally earmarked for Metrotown town center can be spent elsewhere in City)
FYI- MTC “Quadrant” extends to Fraser River up to New West Boundary and north to Hwy 1 and East to Gilley.
2. the community benefit funds from each Town Centre Account could also be pooled and utilized to fund community amenities within Burnaby’s Civic Centre area (CITY HALLand Deer Lake.)
3. use undesignated cash contributions-in-lieu to fund larger, significant priority amenities, as selected by Council.
(when used in conjunction with proposals 1 and 2 this means Metrotown $$ can be used to fund council’s pet projects.)
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