The tenders closes today (Aug 3) on the former Convergys Building. Some food for thought when evaluating whether we got good value for the sale.
About 25 years ago, Monty Nathanson bought it from Co-op and sold it to the City for over a million dollars (I heard $1.4, but that's just a rumour and that was serious coin back in the day!). They then put a lot of dough into renovating it for an Arts Library complex. Eventually, AGSWM and Library moved across the street to new digs. The City purchased more land and closed Seventh Street to create a parcel of property for a public safety building. That didn't happen, but they did wind up renting it out to Convergys. There is some speculation that the lease hold improvements that Convergys put in gave them a substantial tax/rent holiday. Could be true... What we know for sure is that it has sat empty for over two years when Convergys left town- with no taxes being paid.
So now the tenders are closed and we'll find out to what higher and better purpose the building will be used for. Perhaps seniors housing? perhaps a police services building (gotta' love all the wiring and technology upgrades that Convergys added)? perhaps an educational centre for the College, Neelin, Westman Immigrant Services, with room to spare for a daycare and museum/ archives!
These are all interesting ideas with public value. If the City and Mayor decides that there is more value in cash with a tidy commercial sale, does it recover the opportunity costs of lost taxes, as well as the initial purchase price and public investment in leasehold improvements?
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