A8 - Sunday, August 8, 1982 - North Shore News

“P

Economy threatens Second Narrows project

FROM PAGE A10

the site to commercial status
for purpose of constructing
an li-storey office tower
complex

But according to Peter
Vajda, president of Second
Narrows, the economic
climate has soured investor
interest in the high rise
project and his company’s
only recourse is to sell the

property to interested
prospects — Glenayres
Electronics Ltd.

“Mounting costs related to
carrying the property and
the applications to’ rezone
are putting Second Narrows
im a most difficult financial
position,” said Vajda.

Only Glenayre has shown
any desire to purchase the
property since most of their
160 employees live on the
North Shore, added Vajda.

However, when Glenayre
discovered the property was
to be zoned for an office
tower and the District's
advisory panel refused to
consider light industrial
zoning for the site “they
went looking elsewhere,”
Vajda told council.

Alderman John Lakes.
alarmed by the ADP’s in-
flexibility. pointed out to
District such rash actions
could jeopardize future
industrial growth in the
municipality.

“What concerms me very
much,” said Lakes reading a
statement from Glenayre’s
president Kiaus Deering to
the rest of council, “is that
they have ‘strong
pressions that District
council does not care to see

im- 7

that the company remains in
North Vancouver!”

Lakes also added if “some
members of council don't
want this industry, then they
don’t want any industry.”

Contrary to Lakes’
assertions District wants no
industry, Mayor Don Bell
indicated to council
Glenayre recently has ap-
proached the municipality
with intentions to purchase
District property for
relocation.

Bell explained that the
electronics firm and the
municipality failed accord
on a land deal because most
District land proved
inadequate for Glenayre’s
projected future expansion.

And as Vajda noted,
Burnaby is currently at-
tempting to “court” the

company to move its facility
to its municipality.

At stake for District is loss
of a stable industrial tax base
and a further 240 possible
jobs resulting from
Glenayre’s intended future
expansion three to four years
down the road.

Bell urged council to
support a motion which
would indicate to
electronics firm District's
willingness to consider
rezoning Swedish Park for
light industrial uses. The

the

luti assed _ industry — if there is that sort However, if council fails Glenayre’s will be forced to

unanimously. . pee of thing, And it’s the best to overturn ADP’s veto of move from District since the

Alderman Ernie Crist type of development the development scheme firm must have a completed
remarked: “It’s the ideal available.” within two months, then facility by July 1983.

SPECIALLY PRICED STEREO P '

3 Way 30 Watt
Thruster Speakers

$B1100 reg $200

C.G.M. SOUND & COLOR

1285 MARINE DR. NORTH VANCOUVER