- 2015 Federal Election
Co-op demolition finally begins
A BACK hoe began pulling down the Co-op walls today as the building ends its time standing empty since it closed years ago.
That also means all the artwork from Graffiti Fest goes with it – although done as a way to make the grey building look better, there was disagreement as to whether it was an improvement.
Since purchasing the Co-op site, the city has been under increasing criticism for lack of progress in either reselling it or coming up with its own redevelopment plan.
Council decided to demolish the city-owned building after considering an appraisal that suggested the property will increase in value once the structure is gone.
With the building, the property would be worth $900,000 – to $1.075 million but without it, the value of the property could be worth anywhere from $1.35 million to $1.52 million, the appraisal suggests.
The city is spending $284,000 to tear down the building.