2008 News and Information
Richmond Announces Recent Property Acquisitions
12 March 2008The City of Richmond has recently purchased five properties within its city limits, one of which the seller donated $1.5 million for a portion of the market cost.
At the March 11, 2008 City Council meeting, it was announced the City will proceed with closing the acquisition of the property known as 7400 River Road at a purchase price of $13 million. As a benefit to the City, the seller, Centro Properties Group, gifted $1.5 million of the property’s fair market value and will receive a donation receipt for that amount.
“We acknowledge and thank Kush Panatch, President of Centro Properties Group, the seller, for this donation,” said Mayor Malcolm Brodie. “In today’s world, where organizations are looking for creative ways to support social responsibility within their communities, we’d like to acknowledge partial donations of land as a viable option.”
The realization of this gift means the City paid $1.5 million less in cash and provided that amount in the form of a donation receipt. In addition to the $11.5 million cash outlay for the property, $500,000 for lease and mortgage buy-outs and additional related acquisition expenses must also be paid, bringing the total cash outlay to $12 million.
Also announced were the acquisitions of properties at 6620 Eckersley Road; a subdivided portion of the property at 9680 Odlin Road; and 9211 Granville Avenue - all for park acquisition. The properties located at 9660 and 9700 Cambie Road were acquired for future fire hall development, replacing Bridgeport Fire Hall #3.
The property acquisitions compliment the City’s long-term planning strategies, such as the Official Community Plan and City Centre Area Plan. As well, they support long-term City investment objectives.
