Dear Editor:
The North Shore Credit Union/Wesgroup is parading around our community saying they are "giving" a $1-million donation to the Media Arts Gallery at Presentation House as part of their development proposal at 13th Street and Lonsdale Avenue.
In fact, they are "buying" 25,000 square feet of density from a density bank associated with Presentation House. They are doing so at $40/square foot which is a commercial rate.
Their project at 13th and Lonsdale is 50 per cent commercial and 50 per cent residential space. Residential space goes for $140/square foot.
So why shouldn't they pay a blend of commercial/ residential value at say $90/square foot? I challenge the Credit Union's board to make a true donation to the Media Arts Gallery like the naming rights for the theatre they recently purchased for $1 million up at Capilano University.
Nothing less will make the situation right.
Coun. Rod Clark City of North Vancouver
