* Photo credit: David Vaisbord, The Little Mountain Project *
An updated Little Mountain Policy is coming to Vancouver City Council today, June 27 2012. The most notable issue is that the developer, Holborn, is now openly challenging the cornerstone of the project: that the proceeds of the land sale should fund the 224 ‘replacement’ social housing units onsite.
In 2007, the City and the Province agreed that ‘replacement’ social units — to house the 600 people dislocated by the Little Mountain demolition — would be funded from the sale of the land to a developer. The language in the agreement was unambiguous: “Whether the Site is rezoned or not, BC Housing will replace the existing 224 units of social housing on site … BC Housing will invest all of the net proceeds from the sale of the Site (after the existing social housing is replaced on site) into the development of social housing throughout the province. Half the net proceeds (after the existing social housing is replaced) will be invested in the City of Vancouver.” (For an analysis of the offsite housing, please see the article Myth of the 14 Sites by Nathan Crompton).
After signing this clear agreement, the Province then chose Holborn Properties Ltd. as the project’s developer. These two parties entered into a separate agreement involving sale of the land to Holborn. However, the terms of the agreement, including the dollar value of the land sale, have been kept from the public.