Councillors in Gibsons have agreed to change an affordable housing agreement the Town made with a developer in 2013.
The deal called for Sunbelt Properties, part of Longman Developments, to include three units priced at or below $241,000 as part of the rezoning for a 28-unit townhouse complex at 798 Park Road. One unit would be added in each of the project鈥檚 three phases, and the Town would be responsible for finding eligible buyers.
Company president David Longman wrote the Town last month asking to reopen the agreement. Longman said the estimated market price of the units in 2013 was around $261,000, but 鈥淔ast forward to 2018 and our estimated market price has increased to $320,00 for our three most affordable market units.鈥�
According to Longman鈥檚 letter, the increase in market prices has coincided with 鈥渁 sharp increase in building costs on and off the Coast.鈥�
Councillors were asked to consider two options at their July 24 meeting: accept the developer鈥檚 offer of a $73,485 contribution to the affordable housing reserve, or agree to a covenant requiring the developer to rent the three units for a minimum of 10 years.
Coun. Stafford Lumley, who has called for a review of the Town鈥檚 affordable housing contribution policy, said dealing with housing agreements has become the 鈥渂ane of our existence鈥� because of inconsistencies, and accepting the rental option would add another inconsistency.
鈥淪o far to this point, this is what we鈥檝e been doing and we鈥檙e building a reserve and our affordable housing fund, and I certainly want to use that money at this point鈥� The cash contribution is acceptable for me and I think it鈥檚 more than enough for this size of development,鈥� said Lumley.
Coun. Jeremy Valeriote echoed Lumley鈥檚 view, saying he was 鈥渃omfortable with the consistency of cash contributions,鈥� and deputy mayor Silas White also spoke in support of accepting the cash offer.
鈥淚 think it鈥檚 important to recognize that we do have three different affordable housing initiatives that the Town鈥檚 working on鈥� There may be some more requests for funding from the Town as support for various aspects of those initiatives, so putting some more money away is probably not a bad idea,鈥� White said.
Council voted unanimously in favour of cancelling the previous agreement and accepting a cash contribution. Construction on the project is now awaiting the issuance of a building permit.
Coun. Charlene SanJenko did not participate in the discussion because her husband now works for Longman Developments, and Mayor Wayne Rowe was absent.
