In October 2012, the City of Vancouver agreed to pursue a plan that would ensure “attractive financing” for the developer of 508 Helmcken, from BC Housing. One year later, a key City official involved with the design of those plans, then obtained a job at BC Housing as the desired financing was being secured there.
These documents are provided to point media and others towards those who might have the answers to:
- Why did BC Housing provide over 100% financing for a developer to obtain a quarter of a billion dollar property from the City of Vancouver?
- Why a low interest loan was granted to a developer on a condo development site, from low income housing provider, BC Housing?
- Why no other person on planet earth was provided the same opportunity to get any of these insanely fabulous financial deals.
- How do either governments respond to the reality that at least 3 to 4 times as much social housing would have been created if they just sold 508 Helmcken in a competitive public tender deal?
Please keep in mind; Value calculation FOI requests regarding the 508 development site disposed by the City, have been made by multiple media organizations and citizens to no avail. The City has been unwilling to produce this information. Facts obtained from multiple sources clearly indicate the City had to create, and did create, detailed calculations in 2012. Are residents to believe the City just lost these calculations? Our Society absolutely knows the 2012 calculations were created. In addition, City records clearly identify that their former Director of Real estate Services created these calculations which have been sought by the media and citizens. This former City official then got a new job with the government lender at BC Housing where he began working on the loans from the other side of the table.
- Why doesn’t the City want to release the calculations? Why do they say there are none? Is it because they don’t match what was revealed to the public until the date of transfer? Where are the government copies of these calculations?
Help Getting Financing
ENSURE BC HOUSING TO PROVIDE ATTRACTIVE FINANCING
One of the more influential officials involved was a Mr.Bryan Jackson. He was the head of Real estate Planning at the City of Vancouver. Mr.Jackson came to the city from his previous employment at the City of Richmond. Prior to Mr.Jackson’s involvement, the City development permit board had rejected this plan. After his arrival, the board reheard the proposal and then changed their minds. Other staff involved were former Deputy City Manager David Mclellan, and current staffer, Patrice Impey.
Until recently Mayor’s Chief of Staff, Mike Magee, played a roll in this as well. In February 2015, a little over a year before the property transfer was finalized, the City quietly approved the Section 10(2) BC Assessment Act private assessment reduction, which reduced the assessed value of 508 Helmcken from $59.4 million to $9 million dollars. Below is a May 2015 picture of Mike Magee and Mr.Brent Kerr, who represents the company which soon obtained the City’s 508 Helmcken land and would continue receiving “attractive” financing from BC Housing for 2 more years. This photo was taken shortly after the $50 million dollar private amendment reduction was approved by the City as required by law.
Below are some 508 Helmcken agreements and documents. Many relate directly to the work of former City of Vancouver Director of Real Estate Services and current BC Housing official, Michael Flanigan.
Lease Surrender Agreement signed by Michael Flannigan
Land Exchange Agreement - Officials
Land Exchange signed by Director of Real Estate Services
April 2013 City of Vancouver Report
March 2015 City Report - Director of Real Estate Services - Valuation
Director of Real Estate Services
BC Housing Lease loan Approval - Former City Director of Real Estate
Mortgage Release for $39 million Condo loan - February 23, 2017 Approved by former City of Vancouver Director of Real Estate Services
Ernst & Young Report