Discussions

Interesting announcement today out of Winnipeg! What are your thoughts on how this will help first nations people.  
 
https://www.msn.com/en-ca/money/topstories/hudson-s-bay-gifts-winnipeg-flagship-building-to-manitoba-first-nations-organization/ar-AAWuxVJ?ocid=msedgntp&cvid=3b6720d259d1476098d5b130a0af4b5c

I really hope it succeeds. The budget seems kind of low for the amount of work that the building needs.

While retrofitting a old building is going to bring about significant challenges, because thats what old buildings do. I think this is a great initiative. Winnipeg, and every city for that matter, is in desperate need of affordable housing, especially in core areas. Regardless of who owns the building this is a great initiative that addresses a significant need for the down town of Winnipeg. However, I think allowing the new building to be Indigenous run is great! Gives Indigenous groups a business model to hopefully generate revenue for their people, but also given the demographics of Downtown Winnipeg the people accessing the services will likely i:nclude many Indigenous individuals.  
 
I only hope that 'affordable' actually means affordable and will be a opportunity for people without a stable home to put a roof over their head. If done properly this could make a HUGE difference to a major issue in downtown winnipeg. I would love to see a similar initiative in Brandon.  
 
As far as the cost goes, this will likely be a significant money saver in time. Providing someone with stable housing has proven to cut down spending for other costs, ie health care, policing, social services. Even if it does not save money, providing a place for people to live is just a good thing to do.

What is affordable housing vs subsidized housing. After this is built how will it be maintained and where will the money come from? Keep in mind that the money put up has conditions on what it is used for .  
This is almost a billion dollars plus being promised on a building that that was appraise three years ago at $0 , money from feds 65 million and province 35 million per the reports.  
 
 
A quote for cbc Wpg "Closed in 2020, the six-storey, 655,000-square-foot landmark building at the corner of Portage Avenue and Memorial Boulevard was appraised at $0 in 2019 because it has a tax liability in excess of $300,000 and would cost an estimated $111 million to bring up to code while maintaining its heritage elements." Who is on the hook now for the taxes every year? $111 million to bring it up to code will not be to code for the purposes it was announced today for!  
 
Lets say that a billion dollars was put up for affordable housing ( This announcement is that value) If a condo like one in Brandon at a retail value of $330,000 3 bedroom 3 bath one car garage on land was built . That would be over 3000 brand new houses that could accommodate at 4 people a house hold over 12,000 people .  
 
Edited by Oh Canada, 2022-04-22 18:31:23

After you read my last post people will say "well were will the land come from to build 3000 brand new condos in Winnipeg? The developers have bought up all the land. "  
 
Just so happens the people that were gifted today with a building worth zero have the land. 109 acres of land in the middle of the city of Winnipeg. Bare land that they could put the wheels in motion to execute tomorrow. The land was formerly part of Canadian Forces Base Winnipeg, the Kapyong Barracks property is located between the Tuxedo and River Heights neighbour hoods in southwest Winnipeg. see the link below.  
 
3000 new homes is a long way from 289 they announced day. The sad part is many of the people on the reserves that these people represent do not have what most would consider basic housing, food and support . Maybe some of the money should be spent there first? Just sad!!  
 
 
https://treaty1.ca/massive-economic-development-at-kapyong-takes-huge-step-forward/#:~:text=:At%20full%20completion%2C%20the%20redevelopment%20of%20the%20formerstrategically%20located%20urban%20Indigenous%20economic%20zone%20in%20Canada.  
 
Edited by Oh Canada, 2022-04-22 18:54:18

Perhaps I missed something but 65 million and 35 million is 100 million $$. Sounds like a good project even though there other costs like tax arrears. Better than leaving the building to crumble or tearing it down.

You are correct on the 100 million. With the correction that would be around 270 homes or 1100 people with brand new homes in a residential area of Winnipeg . What happened to the old Eaton building in Winnipeg. Torn down into a new building a sports arena. Look at the old Mackenzie seeds building here in Brandon. Was going to be condo but the good old days of building and 100 years means to bring to today building codes it is a tear down. Now it is a boarded up dilapidated building falling into the streets of our city,  
 
Makes even more sense to give the building away to save $300,000 a year in taxes on a building that will cost at least 110 million to bring up to code and make it look like a gift .

Kind of makes you wonder if HBC got some kind of tax break for it being a charitable contribution ?

Even if there is not a tax break still a good deal. Would suggest that from a purely business decision having paid almost a million dollars in taxes to the city of Winnipeg over the last 3 years for a boarded up building that is making no money is reason alone to make the "donation" They would have been liable to keep it at a certain level of repair to exterior and keep heat on (hopefully) to preserve the inside . That alone would make business sense.