City should buy back downtown hotel land

If the investor is really interested, the company can again consider purchasing the property when it manages to get its financing in order.

To the Editor:

Re: Council delays hotel decision two weeks, June 2.

I would strongly suggest that the city immediately invoke the buy-back clause. If the investor is really interested, the company can again consider purchasing the property if and when it manages to get its financing in order. We’ve heard this tale before, but this time city taxpayers would be protected while other avenues were explored.

SSS Manhao bought the land more than a year ago and stated it would bring in 70,000 tourists annually. And nobody with any authority ever questioned that grandiose proposal. That figure of 70,000 equates to approximately 200 new visitors coming every day of the year. Do the math.

On the other hand, looking at what’s taking place on the Lower Mainland and around the world with Chinese interests buying up huge amounts of property and just sitting on it for future use or to profit from value appreciation it makes a Nanaimo taxpayer wonder what is really the plan.

The assurance by the Nanaimo Economic Development Corporation that the hotel will definitely be built is not reassuring. We were given the same song and dance that led to the Millennium hotel mess. Nanaimo taxpayers have a right to be nervous this time around.

Joe IvesNanaimo

 

To the Editor:

So SSS Manhao failed to meet its deadline and now wants to extend its agreement with our city.

If we do this it will seem like we are desperate at all cost to get this deal done. We don’t need to panic, just buy the land back and put it up for sale and forget the tax breaks. Someone will buy it. We rushed into the conference centre, the Port Theatre and the cruise ship terminal and we the taxpayers are keeping these afloat.

Jim WildNanaimo

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