More Pitfalls For Property Endowment Fund

The more we learn about the Property Endowment Fund (PEF) architected for the City of Vancouver, the less Langley appropriate it seems to get. Just read this article on the latest hit to Vancouver's PEF here.

In vancouver, non conforming billboards are a revenue generator for the PEF (maximize property use):

• A total of 13 non-conforming billboards are actually on City of Vancouver property
• The removal of the 13 billboards on City property will cost the treasury about $200K per year in lost revenue.
• In addition, there will be a loss of $157K to the City's Property Endowment Fund.
• Staff predict an additional $50K in costs to cut lawns and remove garbage that will also be added to the tax bill.
• In total, this will be a hit of over $400K per annum.

Is this the kind of Langley we want?