12 - Friday, July 26, 1991- North Shore News

Cash for

parking

deal approved

NORTH VANCOUVER City
Council decided Monday to ap-
prove a developer's request for a
long-term cash-in-lieu payment of
half the required commercial
parking spaces to help save the
historic Bank of Hamilton build-
ing in the Lower Lonsdale area.

By Pamela Lang
Contributing Writer

The city’s parking policy re-
quires developers to provide ade-
quate parking, or pay $14,500 for
each parking space not provided,
prior to starting construction on a
project. The city would then use
the money to develop parking fa-
cilities in the area.

Developer Hesham Sirri origi-
nally planned to build without any
of the required 18 parking spaces
for his commercial/residential
bank renovation and addition plan
at 92 Lonsdale Avenue.

Sirri told council in April that
although he was willing to cut
down the caretaker’s suite to pro-
vide two parking spaces, the
$232,000 payment for the addi-
tional 16 spaces would make the
project financially impractical.

He has since given council an
independent financial analysis
agreeing with his assessment.

Ald. Stella Jo Dean said that
with $1.5 million to $2 million in
improvements invested in the bank
and new construction, the city
would gain between $15,000 and
$20,000 of additional municipal
taxes annually,

Because the financial viability
of the project would disappear if
Sirri’s request to pay for half of
the 16 spaces over the next eight
to 10 years is not granted, Dean
said council should approve the
Fequest.

Rather than lose the 80-year-old
building, Dean suggested that
council should allow the long-term
payment, especially since the city
will benefit over time in additional

tax revenue,

$

EE
NORTH VANCOUVER
CITY COUNCIL

: ¢
ALD. STELLA Jo Dean... city
could gain between $15,000

and $20,000 of additional!
municipal taxes annually.

“Mr. Sirri loves the building,’”’
she said, adding that allowing the
cash-in-liew of parking deal was
the only way the bank can be sav-
ed.

Ald. John Braithwaite pointed
out that while council could con-
sider forgoing payment for seven
commercial parking stalls and ac-
cepting a long-term payment plan
for an additional seven, two of
the required stalls are residential
and must be paid for up front.

The city’s cash-in-lieu policy
applies only to commercial spaces,
but staff had earlier recommended
that the city accept cash for resi-
dential spaces in the development
if they are paid for immediately.

The motion passed by council
will require payment for two
spaces up front, and payment for
seven spaces using a long-term
payment plan. Council also re-
quired Sirri designate the Bank of
Hamilton as a heritage building.

The bank redevelopment plan
must still go to a public hearing
prior to final city council approv-
al.

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