Overview
- Council voted 7–4 against the motion, falling short of the two‑thirds majority required for approval.
- Staff proposed a separate city‑owned corporation that would operate as a government business enterprise and pursue joint ventures targeting about a 50% equity stake.
- A staff report identified six properties assessed at more than $411 million and estimated about $8 million in startup costs, with projected net dividends eventually reaching roughly $250 million per year over decades.
- The initial project outlined was a 100‑unit rental building on Main Street in Vancouver.
- Staff cautioned that returns could underperform or result in losses, while an outside expert warned that offering below top‑dollar rents would effectively spend public money.