Thursday April 24, 2014

question of the week

Survey results are meant for general information only, and are not based on recognised statistical methods.

Accurate financial information is important



Many townspeople are basing their support of the proposed George Hotel and Residences on the anticipated financial benefit to the Town of Gibsons. For instance, many are mentioning the “million dollars” per year in tax revenue they believe would be forthcoming.

Perhaps they have access to other financial information on the project, but all I could find was the information provided by the proponent on the Town of Gibsons website. A report from G.P. Rollo & Associates Ltd. entitled “Tub Boat, Landing, 2008 Project Overview” (sic) states in Section 1.4 Annual Property Tax that the share of estimated tax revenue to the Town, at full build-out some years hence, will be $315,675 per annum.

Furthermore, a document entitled Cayuga Hospitality Employment Level describes the anticipated income for the 66 full-time supervisory and 64 part-time jobs projected for the project at full build-out. In addition to the oddity of having 66 supervisors for 64 part-time employees, the annual salary data does not agree with numbers in the above-mentioned project overview.

The financial data provided by the developer on the Town website appears to be somewhat outdated and more than a little specious. It is most certainly insufficient to properly assess the “employment, taxes and spin-off economic benefits” claimed by the project’s proponents.

This financial information is important.

I believe the Town should ask the developer to provide the public with accurate and current financial information for the Town website. Only credible information will enable the taxpayers of Gibsons to get a clear picture of the financial considerations underlying what is being proposed for their Town.

Roger Swickis, Gibsons



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