A Vancouver city councillor says the city will not be “bullied” into a deal with Canadian Pacific over the Arbutus Corridor lands now that the train company has ramped up its public relations campaign over the property that runs from False Creek to the Fraser River.
Vision Vancouver Coun. Heather Deal was reacting to Canadian Pacific’s full page ad published Monday in The Vancouver Sun and Province titled “clarity and context” that said the company must get “fair value” for its property or put it to use.
“I’m really disappointed and we’re not going to be bullied into paying a huge amount more than the transportation value of that land, and I wish they would come back to the table with us,” Deal told the Courier.
At issue is determining fair value, with CP referring to a previous independent appraisal of the lands saying it was valued at more than $400 million. Presently, the lands would be worth more, said the ad signed by E. Hunter Harrison, chief executive officer of Canadian Pacific.
“Recognizing the importance of this property to the citizens of Vancouver, CP has been prepared to accept far less in order to reach an agreement,” said the ad, which was also to run in the Courier Wednesday. “The City of Vancouver has, in turn, offered only a fraction of that discounted price.”
But Deal pointed out the appraisal included the value of the line’s adjoining residential and commercial lands which she said significantly increases the price. The adjoining lands cannot be included, she said, because the permitted land use of the corridor — as determined in a lengthy court battle — is for transportation. Deal said the city’s assessment value of the land as a transportation corridor is about $20 million.
In Richmond, she said, that municipality was able to buy in 2010 a portion of CP’s lands based on what it was worth as a transportation corridor. The city expects the same type of parameters, Deal said.
The CP ad, which comes as Deal’s Vision party and others are ramping up their re-election campaigns, said “we fear that due to internal city politics, the council is not able to reach a fair and equitable settlement.”
Deal she had no idea what CP was referring to.
The ad goes on to say CP has a responsibility to its shareholders to generate a return on its assets.
“If there is no agreement, we will use it for rail operations and expect to have the rail line up to operating standards later this fall,” the ad said.
In August, CP began removing community gardens and structures at the south end of the Arbutus Corridor. CP stopped using the line in 2001, which led to the planting of hundreds of gardens and regular use of the corridor by pedestrians and cyclists.
