16 - Friday, August 13, 1993 ~ North Shore News sroup seeks land rezoning for Innovative co-op scheme Residents’ petition opposes duplex development plans A GROUP of North Shore residents are poised io ‘achieve what they see as a new and unusual approach to affordable housing. Six families, some with young children and some empty nesters, formed a non-profit association about three years ago to create an equity co-op that is not govern- ment funded. The group sought leased land from North Vancouver District. Despite support from planning staff, the residents lost a steeply sloped site in Pernberton Heights when council rezoned the lots to parkland. The latest plans call for the construction of three side-by-side duplexes on three district-owned lots in the 800 block of St. Denis Avenue in the Lynn Creek area. The property is undeveloped and zoned single family (RS3), but many greenbelt. _ A public hearing of the rezoning application to multiple family (RM2) for the district lots was held on Tuesday. Michael. Rogers, an 11-year resident of the North Shore, told council, “For young families like myself, the high cost of housing is slowly Squeezing us out of the market.” Rogers’ said that ‘co-ops have been traditionally perceived as government-funded housing for tesidenis regard it as: NORTH VANCOUVER DISTRICT COUNCIL by Martin Millerchip low-income earners. But said Rogers, Bridgeside North Housing Cooperative — is comprised of six families with an average income of approximately $40,000 who have all committed at least $20,000 of their own money to the project. While terms of the land lease have yet to be completed, the district has committed to a long- term lease of 66 years at 75% of market value. This guarantees that the units can be built at an affordable price. What makes the project unusual is that the value of the units will be frozen relative to market prices. Members leaving the project will receive their financial share of the project back but will not realize capital gains. Assuming that house prices will continue to increase, subsequent co-op members would have access to increasingly affordable housing relative to the real estate market. Jim Woodward, director of de- velopment services for the B.C. Housing Management Commis- sion, congratulated council for ‘considering an imaginative scheme like this one.’ “You have broken some ground here,** he said. new a But not all local residents favor the scheme, Council has received a petition of approximately 60 signatures “opposed to any development of the properties’ and recommending rezoning to parkland. St. Denis Avenue resident Rob Cameron described the three bedroom, 1,900-square-foot (176 sq. m) duplexes as ‘‘a litte bit of a luxury for co-op housing.’ Cameron also queried the pro- cess council had followed in determining land use for the site. “Council appears to have ac- cepted the first proposal to have come along. What about putting it out to the community,” he asked. Rogers also pointed out that the co-op had formed based on the original proposal for the Pember- ton Heights area. He said that neighborhood membership could well have been sought had the project originated with the Lynn Creek site in mind. Council will debate the rezoning application at its next meeting, CAROL LYNN SWEET AS CHAMPAGNE 3223 Main Street, Vancouver * 874-5870 965 Marine Drive, North Vancouver °-S84-9478 § 13672 - 108th vAve., Surrey « 583-9460 _ : Greater Vancouver egional istrict When air quality pollution levels are higher than pg normal, help solve the problem by avoiding smog- producing activities like painting and driving. senses AT ig ia eOn Some of life’s most important lessons can only be learned on the street.- Which is why anyone who purchases the high-performance 1993 Nissan 300 ZX is entitled to attend a two-day course at The Nissan School of Performance Driving. It includes both classroom and track training. The same training all Team Z representatives must undergo before we'll let them near a Z on the showroom floor. To find out more, see Regency Nissan, and discover the real meaning of an accelerated learning curve. REGENCY NISSAN NORTHSHORE 1160 Marine Dr., North Vancouver D6127 983-9311