January 21, 2024
The Mayor’s Budget Task Force Report, which was taken as information by City Council, stresses the City must cut costs and find ways to increase revenues to limit overspending on infrastructure in the face of unsustainable property tax increases, and to maximize the value of the City’s assets for the benefit of all.
In the report, public land is positioned as a revenue-generator for the city. Specifically, the report calls to lease out properties in the Property Endowment Fund (PEF), which includes False Creek South, at significantly higher market levels once leases expire – and to expedite the PEF transformation to create perpetual value.