Council voted 6-2 at a Sept. 5 public hearing to at the north end of Arbutus corridor from the Arbutus Corridor Official Development Plan.
Known as the 鈥淥ption Lands鈥� in the 2016 purchase agreement between the City of 麻豆传媒映画and CPR, the properties sit between West First and West Fifth avenues, measuring a total of about 60,000 square feet.
They aren鈥檛 needed for the Arbutus Greenway due to safety and engineering concerns.
Green Party Coun. Adriane Carr and NPA Coun. Melissa De Genova were the two votes against the amendment.
Any potential rezoning of the land will be considered in a future process, which will include public consultation. The various parcels currently have different zoning designations.
The triangular parcel to the north is in a zone called False Creek Comprehensive Development District, which doesn鈥檛 currently enable development. The parcel to the south of it is zoned for mixed-use, including commercial and residential with a prescribed density of 2.5 FSR. Further south, the parcels are primarily zoned for light-industrial with a prescribed density of 3 FSR.
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If the lands are rezoned, CPR has the option to re-purchase them from the city for $1, according to the purchase agreement. If CPR doesn鈥檛 exercise that option, it will share the proceeds of any sale of excess lands.
CPR would share 50 per cent of the land revenue generated above $75 million.
The City of 麻豆传媒映画could use its portion to fund the greenway development or fund other city priorities, depending on what a future council decides.
Prior to the public hearing, some residents, including candidates running for Pro麻豆传媒映画in the upcoming civic election, criticized the purchase agreement between the City of 麻豆传媒映画and CPR, and how the Option Lands' clause was communicated to the public. Others, such as current NPA Coun. George Affleck, say the $55-million price tag for Arbutus corridor could have been much higher without the clause.
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