The Union Hotel demolition is complete, providing better visibility and opening our minds to the possibilities.
I have concerns with the City of Trail entering into real estate development. Numerous reports have been authored on the purchase and demolition of this site, and I may not be privy to the exact details.
The City of Trail purchased the Union Hotel and adjoining properties for approximately $125,000 benefiting the previous owner and a real estate agent.
The initial reports indicated the purchase cost and demolition cost would be in excess of the value of the property after demolition and remediation.
I have lost track of the final cost to the Trail taxpayers, it was estimated at $1.3 million however, I assume it may come in closer to $1 million.
The old service station site a block away from the Union Hotel is listed at $629,000 and it is still vacant, therefore it is not likely we will recover our costs in the near future, if ever.
In my opinion, the City of Trail has limited ability to consider any proposal to sell this parcel, for less than taxpayer funded investment, as some parties have benefited from the purchase.
Does the city have a plan to recover our costs?