If you needed one last reason to vote ‘no’ and slow the pace that Translink turns hard earned money into a fart in the wind, read this shocking article sent to me by my friend today. Although the article is filled with other horrendous displays of the youthful, carefree spending of a crack addict, I just wanted to focus on the example of the one building since commercial real estate is interesting to me.
I’m not a mathlete, but something in the following numbers show me that someone doesn’t value the good years of my life that I spent slaving to fund their lavish spending:
- 17,200,000 | 2004 purchase of Bombardier’s building for something skytrain related
- 8,200,000 | 2004 (same year??) sale of building to flipper who pocketed 5 million a couple of months later
- $1,782,676 | unnecessary rent spent on a building they could have owned @ $63,667/month between August 2012 and Dec 2014 (it was an empty building!)
- $13,900,000 | 2014, December: Buys back SAME building for $13.9 million
To further dumb it down, these are the numbers I get:
$17,200,000 + $1,782,676 + $13,900,000 = $32,882,676 (total money spent)
$32,882,676 – $8,200,000 = $24,682,676 (amount spent minus sale)
All I can say is that I hope Translink calls me to be their commercial real estate agent next time they think they want to go property shopping!
Just for fun, at $3.75/ticket (maybe average like that?) that would be 6,582,046 free tickets they could have given away for goodwill marketing! Or, an entire round trip day of tickets for 3,291,023 people. Or, for 12,658 people, they could have ridden for FREE for an entire business year. But since we’re putting into perspective that would be an entire LIFETIME of free transit passes for 421 people. Translink could have gotten 421 cars off the road for their ENTIRE WORKING LIFE for the money that was flushed down the toilet.