{"id":29665,"date":"2017-04-16T16:55:27","date_gmt":"2017-04-16T20:55:27","guid":{"rendered":"https:\/\/huntsville.dopperonline.ca\/?p=29665"},"modified":"2017-04-16T16:55:27","modified_gmt":"2017-04-16T20:55:27","slug":"listen-up-waterloo-building","status":"publish","type":"post","link":"https:\/\/doppleronline.ca\/huntsville\/listen-up-waterloo-building\/","title":{"rendered":"Listen Up! Sell the building before we meet our own Waterloo – Opinion"},"content":{"rendered":"

<\/strong><\/p>\n

\"\"

Hugh Mackenzie
Huntsville Doppler<\/p><\/div>\n

Where Were You Dear Waterloo?<\/strong><\/p>\n

It is time to come to grips with what to do about the Waterloo Building in Huntsville. It\u2019s a dirty job, but someone\u2019s got to do it. The complex is quickly becoming a white elephant and it is costing taxpayers a small fortune.<\/p>\n

In the beginning, the concept was a good one; a campus in Huntsville for post secondary education by a highly renowned Canadian University. There was federal money available because of the G-8 Summit and the potential for giving a real boost to Huntsville\u2019s economy was too good to ignore. There was also a possible opportunity for Huntsville kids to go to university without leaving home. What\u2019s not to like about that picture?<\/p>\n

The problem is that the money was spent but nothing really happened. From the beginning, there was no substantive commitment from Waterloo. They did not have to pay for bricks and mortar. The lease was written in a manner that minimized their obligations, in order to provide incentive for the university to enter into a partnership with the Town. The Mayor and Council of the day took them at their word that they would develop the property into a full environmental, post-secondary facility. But sadly, it just didn\u2019t happen.<\/p>\n

<\/broadstreet-zone><\/strong><\/div>\n

Now we sit with an almost empty building which, along with the road that was required to get to it, cost federal and municipal taxpayers about $9 million. On top of that, since the building went up in 2010, Huntsville taxpayers have had to foot the bill for debenture payments and maintenance to the tune of $250,000 or more, each and every year.<\/p>\n

Early in their term of office, our current Council entered into a new lease with Waterloo which provided more revenue to the Town and lowered overhead for the municipality. Sometime later, Council called for proposals for the Waterloo Building because the university was only using a portion of it and only for a few months each year. They received a single response. Subsequently, Waterloo has informed the Town that they will be totally abandoning the building this summer.<\/p>\n

The latest chapter in this story is that the group of entrepreneurs who originally submitted a proposal for the Waterloo Building are back at the table, having made an oral presentation to Council last month. At first blush it looks like a sweetheart deal for everyone but the taxpayers. In a nutshell, the group offered to lease the Waterloo Building for 20 years for one dollar per year plus payment of operating costs but leaving the Town to hold the bag for capital costs. Further the proposal was conditional on the proponents obtaining an anchor lease, probably from a government agency. Some members of Council were wary of this proposal. Hopefully the proponents are back to the drawing board because on the face of it, there is nothing in this for the taxpayer, other than further costs, while someone else makes a profit.<\/p>\n

In my view, Council has two choices when it comes to the Waterloo Building. They can sell it or lease it. Some would argue that selling the building at market value, would only recover a fraction of the cost of the original investment and therefore, it is better to hold on to the asset.<\/p>\n

But why in the world would the Town agree to lease the building for a dollar so that the new leaseholder could sublet it to other renters at a tidy profit? If there are interested parties out there, whether in government or the private sector, could not the Town accomplish this without the middleman? If they can\u2019t, if the Town really needs a middleman, then surely they need a big slice of the pie. If an entrepreneur can make a profit out of the Waterloo building, why shouldn\u2019t the Town get their share?<\/p>\n

Ideally, the Town should not be in the Real Estate business unless there is a strategic benefit to the municipality. If they can make a deal that would see the Waterloo Building fully leased, eliminate their costs and eventually get a return on their investment, then perhaps, given all that has gone on, they should hold on to this asset. But a sweetheart deal does not cut it. If it is not good for the municipality, for the taxpayer, it should not happen. Under those circumstances, it is better to bite the bullet, sell the building, cut our losses and get on with life.<\/p>\n

Don\u2019t miss out on Doppler! Sign up for our free, twice-weekly newsletter here<\/u>.<\/a><\/strong><\/p>\n

<\/broadstreet-zone>\n","protected":false},"excerpt":{"rendered":"

Where Were You Dear Waterloo? It is time to come to grips with what to do about the Waterloo Building in Huntsville. It\u2019s a dirty job, but someone\u2019s got to […]<\/p>\n","protected":false},"author":2,"featured_media":12862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[26,442,829],"class_list":["post-29665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commentary","tag-breaking","tag-hugh-mackenzie","tag-listen-up"],"acf":[],"yoast_head":"\nListen Up! Sell the building before we meet our own Waterloo - Opinion<\/title>\n<meta name=\"description\" content=\"The University of Waterloo has announced its intention to vacate its namesake building. 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