{"id":274,"date":"2015-02-04T19:52:00","date_gmt":"2015-02-04T19:52:00","guid":{"rendered":"http:\/\/rf.podcastfixit.com\/index.php\/2015\/02\/04\/city-buys-out-office-tower\/"},"modified":"2015-06-01T19:40:38","modified_gmt":"2015-06-01T19:40:38","slug":"city-buys-out-office-tower","status":"publish","type":"post","link":"https:\/\/newscoverage.org\/index.php\/2015\/02\/04\/city-buys-out-office-tower\/","title":{"rendered":"City buys out office tower"},"content":{"rendered":"

By Robert Frank<\/b>
\nwww.thesuburban.com<\/a><\/p>\n

Laval has spent nearly $4 million to buy the high-rise building next to city hall where municipal civil servants have worked for more than a quarter-century.<\/p>\n

\u201cIt was an unbelievable deal,\u201d St. Vincent de Paul Councillor Paolo Galati told The Suburban.<\/i> \u201cThe building has a book value of close to $18 million.\u201d<\/p>\n

\u201cWe will be saving about $800,000 a year on rent alone,\u201d he enthused.<\/p>\n

While Galati acknowledged that the city will no longer be able to collect property tax, now that it owns the building, he asserted that taxpayers will still come out on top.<\/p>\n

\u201cWhen we resigned the lease in 1998, we retained the option to buy the property after 15 years,\u201d he said in an interview. \u201cWe did the math and the savings on the lease outweighed the loss of revenue from municipal taxes.\u201d<\/p>\n

The city\u2019s property evaluation section was the first department to move out of city hall into the adjacent office tower at 1333 Chomedey Blvd. after Laval first leased the building in 1988, and it has remained there ever since. <\/p>\n

Galati explained that the city was the building\u2019s exclusive tenant.<\/p>\n

\u201cIt\u2019s full,\u201d he said. \u201cIt\u2019s all city offices and will remain that way for some time. We\u2019re short of office space at city hall.\u201d<\/p>\n

He added that the city plans to invest in modernizing the premises to make it more energy efficient and environment-friendly.<\/p>\n

\u201cWe project renovations and upgrades to the whole structure during the next few years,\u201d Galati explained, \u201chopefully hand-in-hand with an overall vision to modernize the whole area here.\u201d<\/p>\n

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By Robert Frank www.thesuburban.com Laval has spent nearly $4 million to buy the high-rise building next to city hall where municipal civil servants have worked for more than a quarter-century. \u201cIt was an unbelievable deal,\u201d St. Vincent de Paul Councillor Paolo Galati told The Suburban. \u201cThe building has a book value of close to $18<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-274","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nCity buys out office tower - Newscoverage<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newscoverage.org\/index.php\/2015\/02\/04\/city-buys-out-office-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"City buys out office tower - 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