Letter: Why should Port Moody taxpayers ‘owe’ developer return on investment?

The Editor,

Re. “Time is running out for Ioco townsite says Port Moody heritage advocate,” (Trip-City News, Sept. 16)

As a fairly long resident of Port Moody (since 1986) I’m having difficulty understanding why the taxpayers of Port Moody “owe” any developer a return on its investment. 

Gilic (name changed for some reason) bought the land expecting to get approval for a huge development and in the process make millions of dollars. If they made a mistake — just like any investor in real estate or stocks and bonds — why should we bail them out? No one bails other types of investors out who made a mistake. Why does Coun. Royer feel we owe them a return on their investment? 

I understand the potential for tax income from a development for the city but if Port Moody basically says “buy any land you want with limited access and egress,” as is Gilic’s due to the Ioco Road problem, then why have zoning regulations or a community plan? 

Rod Archibald, Port Moody

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