I have had a couple of residents reaching out about information they read in the media and on social media about Lansdowne 2.0. The question regarding the finances for Lansdowne asked in both emails encouraged me to create a section on the Kanata North website so that residents can get accurate information. I will continue to add information to this page so that people can get the right information.
Are taxpayers footing the bill for Lansdowne 2.0?
Some media/social media reports refer to the “investment of half a billion taxpayer dollars.” This statement is not correct. To be clear, the total cost of the redevelopment was estimated to be $419 million. We will get another update this fall from staff given that the bids are coming in. What has been confusing to residents is $273 million of that amount will come from the new revenue from the increased property tax assessment, new revenue from air rights for the new housing and hotel, and additional revenue with the partnership from OSEG. This is not money that can be spent elsewhere because it does not exist unless Lansdowne is redeveloped.
Of the remainder of the costs, some of it comes through money currently held in reserve for capital maintenance of Lansdowne (that the City has to pay regardless as we own 50% of the asset) and some of it is through debt that will be repaid over 40 years – representing a very tiny fraction of City expenditures, and certainly not at a level that would meaningfully affect the City’s ability to spend on transit, housing, or other priorities.
More information about Lansdowne 2.0 can be found at:
Engage Ottawa website: https://engage.ottawa.ca/lansdowne-2-0?tool=qanda#tool_tab
Lansdowne 2.0 website: https://anevenbetterlansdowne.ca/faq/
I will continue to add all available information to this page, and when I hear repeated questions from residents, I will look to address them like I have above.