Last year, Saanich purchased three properties on Lochside Drive near the Saanich Operations Centre. The purchase price was $25 million.
A BC assessment search told me the combined assessed property values at the time was $11.1 million. Saanich's land agent told me the land was appraised at $17 million. The purchase price of $25 million was $8 million (nearly 50%) more than the appraisal. Alarm bells began ringing.
Initially, the purchase prices could be seen alongside the assessed values, but a current search showed they had been deleted. I spoke with an assessment agent who informed me that they review sale prices to ensure they only display fair market values and that this sale wasn't representative, so it was removed from the property information. This indicated the purchase price was much higher than the norm.
A commercial/industrial realtor in town felt the price paid for these properties was on the high side compared with other sales.
I submitted a Freedom of Information request to Saanich for all information leading to the determination of the purchase price. After eight weeks, I was provided with 267 pages, all completely redacted except for a site map. Even the appraisal was excluded due to privacy. Not a drop of information provided. What are they hiding? Where's the transparency?
I had set out to determine value for taxpayer dollars. I have been shut down. Saanich spent $8 million above the appraised value for these properties and now has to borrow $9.6 million for capital projects or they will raise our taxes by 5.25%. Spending is out of control and out of the public's scrutiny. It's no wonder faith in government is at an all-time low.
Jan Ellison
Saanich
