The heated battle over the Arbutus Corridor has taken another turn after CP took out a full-page ad out in The Province today.
The ad is titled “Clarity and Context.”
There was a loud public outcry this summer after CP sent in bulldozers to rip apart community gardens along the corridor.
CP says an independent third-party appraisal valued the Arbutus Corridor at more than $400 million. The City of Vancouver has offered what it says is “fair market value” but it was rejected by CP.
CP says it would like to sell the land, but if an agreement isn’t reached, they will look at restoring rail service.
“CP management has a responsibility to its shareholders to generate a return on its assets. Simply put, we must get fair value for our property or put it to use. The new CP is not a company that will let this corridor lay dormant while discussions with the city drag on for another decade. If there is no agreement, we will use it for rail operations, and expect to have the rail line up to operating standards later this fall,” reads part of the statement from CP CEO Hunter Harrison.
Harrison also claims the city has rejected proposals at no cost to the taxpayer.
One of which is a land swap that would see a number of parcels of unused city land traded for the corridor.
CP says it’s flexible in its approach, but if no agreement is reached, rail operations will begin later this fall.
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