Re: “Kelowna buys beachfront property for $12 million (Herald, Nov. 20).
A note of wishfulness ran through writers responding to this story for a council so different from ours in Penticton with respect to the value they place on public parks .
It also rekindles wonder at how Trio Marine “based on market value” rent was calculated .We had assumed this meant applying a conventional rate of return to the value of the leased land .
Kelowna purchased a benchmark for the value of the much larger, already developed as parkland of the parcel contained in the Trio. Applying the most conservative rare of return the amount always comes up several hundred thousand dollars higher than the “based on market value” $190,000 annual rent negotiated by Trio Marine.
It is hoped this is not an addition to the growing list if duplicities associated with the Skaha Lake Park Lease.