(Vancouver – September 13, 2018) – Following Vancouver School Board's approval this summer to sell a subsurface parcel at the Lord Roberts Annex school site, the District and BC Hydro have concluded all necessary agreements related to the sale.
Under the terms of the agreement, the District will receive from BC Hydro a minimum of $73 million (up to $75 million):
- $48.3 million for the subsurface parcel (received in September 2018);
- $16.7 million for various statutory rights-of-way and covenants (received in September 2018);
- $8.0 million for a five-year construction lease (payable in 2023 when construction of the substation is planned to begin); and,
- Up to $2.0 million for the construction of a play field at the Lord Roberts Annex site following completion of the substation construction, anticipated in 2028.
The construction of an elementary school in a City of Vancouver development in Coal Harbour, which includes housing and child care spaces, is planned for completion in 2023. The school will be funded with a portion of the $65 million received this month by the District from BC Hydro. Students from Lord Roberts Annex will temporarily attend the school to be built in Coal Harbour, while the substation and the new school at the Lord Roberts Annex site are constructed. The remaining funds, together with the money from the construction lease in 2023 and accumulated interest, will fund the construction of a replacement elementary school at the Lord Roberts Annex site. All funds from BC Hydro to the District will be held in a separate capital account.
"I am pleased our District can move forward in building new schools with space for more students," says Janet Fraser, Chair of the Vancouver Board of Education. “In the years ahead, VSB will continue to consult and work with our school communities, stakeholders and neighbours during construction of the future schools at Coal Harbour and the Lord Roberts Annex site."
BC Hydro determined the need for a new substation in the West End as the electricity system in downtown Vancouver is aging and requires upgrades. The new substation will ensure that downtown residents and businesses continue to receive safe and reliable power.
Learn more about the proposal, details addressing frequently asked questions as well as VSB's consultation process and consultation summary report.
– 30 –