City to debate parking subsidy for condo project

On Monday, Prince George city council will consider offering a multimillion dollar subsidy to the developer of a proposed downtown condo complex, in addition to the millions in subsidies from existing incentive programs.

A&T Project Developments Inc. has proposed a four-phase, 151-unit condominium complex on the site between city hall, Sixth Avenue and Queensway. The site is currently occupied by a car rental business and a former auto repair shop.

As part of the development, the city would own and operate a parking facility with 290 underground parking stalls, and 64 surface parking stalls.

“The proposal includes provision that 133 of the new underground parking spaces would be reserved for condominium residents at a reduced rate,” a press release issued by the city said.

The value of the reduced-rate parking would be approximately $95,000 per year for the 50-year duration of the agreement, city manager Kathleen Soltis said. The value of the parking subsidy equals approximately $4.75 million over 50 years.

The 133 stalls will be cheaper than the standard long-term parking rate at the new facility, Soltis said, but not free. Operation and maintenance of the parking lot would be the city’s responsibility, not the responsibility of the proposed condos’ strata board.

“We’ve heard from residents that parking is needed downtown,” Soltis said.

With the new pool planned for the site of the Days Inn near the proposed development, parking demand in the area will only increase, she said.

The city is looking at the partnership with A&T Development, rather than building a stand-alone facility or including a parking structure as part of the pool development, in order to provide the developer with what it needs to get the project moving forward, Soltis said.

The project would also be eligi- ble for a $10,000 per unit subsidy – worth a total of $1.51 million – through the Housing Contribution Program, a partnership between the city and the Northern Development Initiatives Trust.

In addition, if the development meets certain accessibility standards, it will be eligible for the city’s Multi-Family Revitalization Tax Exemption. Under the program, the property would be exempt from the city’s portion of property taxes – excluding taxes on the base land value – for 10 years.

— see ‘THESE WILL BE, page 3