The B.C. government took in more than $50 million in the past two years by selling the Crystal Garden, Tourism Victoria’s Visitor Centre and most of a city block behind the B.C. legislature, documents released Thursday show.
The government received less than the appraised value for the Crystal Garden and the visitor centre, but sold the land along Superior Street for $13 million above appraised value, the documents state.
Finance Minister Mike de Jong released the figures following Opposition revelations last week that the government sold 14 parcels of land on Burke Mountain in Coquitlam for $43 million below appraised value.
The NDP said the loss proved that government held a “fire sale” of Crown property in order to balance its budgets in 2013-14 and 2014-15.
De Jong, however, said the list of about 100 property sales released Thursday, along with appraised and assessed values, shows that land sold above and below appraised values and that the government had taxpayers’ best interests at heart.
“I think a reasonable person, examining the data, will come to the conclusion that, in fact, the people did receive fair market value over and over and over again,” he said.
The government identified surplus properties during a review in 2011-12. The “rough value” at that point was estimated to be about $500 million.
The actual sales totalled $351 million in 2013-14 and $134 million in 2014-15.
NDP finance critic Carole James chastised de Jong for releasing the figures at the end of the legislative week.
“These should have been public documents in the first place,” she said. “It took us raising the issue around the sale of Burke Mountain — a loss to taxpayers of $43 million — for this government to release the documents. But, typical, released on a Thursday, after question period, after the days of the legislative week are finished.”
James said the NDP will have to study the summary before commenting in detail. “At first glance, it appears there are more properties that have been sold under appraised value than over. … That raises concerns when you’re looking at a hot real estate market on the Lower Mainland and on the Island.”
In Victoria, the government traded the Crystal Garden to the City of Victoria for Point Hope Shipyard. It then sold the shipyard to Ralmax at the appraised value of $12 million to create “economic development and job opportunities.” The Crystal Garden was appraised at $15.5 million, but the government said that was based on replacement cost, not market value.
The City of Victoria purchased the visitor centre at 812 Wharf St. for $7.98 million, about $440,000 below appraised value. The property is also home to Milestones restaurant and other tenants. The city believes the building will become a long-term revenue generator for taxpayers.
Concert Properties and Jawl Development Corp. bought most of the large block behind the legislature for $34 million. It was appraised at $20.92 million, documents show. The companies plan to transform the 6.2 acres into a development called Capital Park that will have a mix of retail and office space, and rental housing.
