M E M O R A N D U M

October 18, 2002 File: F124

TO:	Mayor and Council
FROM:	Cameron Gray
CC:	Judy Rogers, City Manager Syd Baxter, City Clerk Jacquie Forbes-Roberts, General Manager of Community Services Larry Beasley, Director of Current Planning
SUBJECT	Woodward's Report

You received in your Friday package a report on Woodwards. It was not finalized until late Thursday, and the copy you received contains a couple of errors and several typos. The typos will be corrected following Council's consideration of the report on Oct. 22, 2002, and it is the errors that I want to bring to your attention:

· Recommendation B, second bullet, should read:

"- that property tax relief under Section 396(2)(c) of the Vancouver Charter be provided to the Woodward's property providing relief from all property taxes on taxable value above that on the 2002 Authenticated Assessment Roll for a period of 10 years (resulting in the City foregoing property taxes estimated at $812,300 in the first year following occupancy and approximately $8.4 million over 10 years);"

· Pg. 12, the third full paragraph, should read:
"Staff will continue to work with the Federal and Provincial governments to secure the RRAP and rent supplement funding, and, if possible, to enhance the housing affordability that might be achieved in the project, either by extending the affordability beyond the minimum 15 years or by increasing the number of subsidized units or the depth of subsidy. Madison Bellevue propose to have a non-profit society manage the subsidized units, and staff will report on this and the results of their discussions with CMHC and BC Housing when the Housing Agreement is considered early in 2003."

A copy of the report with the changes to the version you received highlighted is attached for your reference (Appendix A - see Policy Report 2). The report on the City's website will be replaced with the corrected version following Council's decision on Oct. 22.

If you have any questions, please call me at 7207.

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