kcantor
Senior Member
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I think what we’re going to see in terms of cost to Blatchford homeowners is the anticipated result of the City keeping ownership - and therefore the revenue - from the DEC. The incentive will always be to maximize the revenue back to the City to the financial detriment of the homeowners who paid for it all.
What should have happened is that ownership of the DEC should have been vested in a Blatchford Homeowners’ Association and any revenue over time should have been distributed back to the homeowners. While both the capital and the ongoing costs would have stayed the same, the revenue dividend would then be treated as income for those homeowners. As an additional income stream recognized by lenders, it would allow for easier qualification for initial mortgages and in the future would make it easier for residents to agree in place.
I think what we’re going to see in terms of cost to Blatchford homeowners is the anticipated result of the City keeping ownership - and therefore the revenue - from the DEC. The incentive will always be to maximize the revenue back to the City to the financial detriment of the homeowners who paid for it all.
What should have happened is that ownership of the DEC should have been vested in a Blatchford Homeowners’ Association and any revenue over time should have been distributed back to the homeowners. While both the capital and the ongoing costs would have stayed the same, the revenue dividend would then be treated as income for those homeowners. As an additional income stream recognized by lenders, it would allow for easier qualification for initial mortgages and in the future would make it easier for residents to agree in place.