August 20, 2007

Sale of Federal Buildings Condemned at Press Conference,

PSAC Members Leaflet Vancouver's Sinclair Centre and Burrard Building

Coinciding with the federal government's formal August 20 announcement that it will sell nine federal buildings, PSAC Regional Executive Vice-President Kay Sinclair condemned the sale at a press conference held in front of the historic Sinclair Centre at 757 Hastings St. W. in Vancouver.

Completed in 1910, the landmark building along with the brand new 19-storey office tower at 401 Burrard St. form part of the real estate portfolio sold by the government to Larco Investments Ltd. in a controversial $1.644 billion deal. Like the Sinclair Center, the Burrard St. building is a landmark in its own right, employing cutting edge design and green materials.

A study conducted by research firm Informetrica for the Public Service Alliance of Canada says the government cut a bad deal with Larco, undervaluing the package of nine buildings by about $600 million. In addition to losing money off the top, Canadian taxpayers will also be on the hook for 25 year leases on the buildings they formerly owned and taxes as well as routine maintenance and any required interior plant renovations.

PSAC members have been conducting plantgate events at both buildings, informing fellow members and the public about the sell-off.