
Photo courtesy of C. Ben Isitt, one of two councillors (together with Shellie Gudgeon) to vote against the motion.
Here is the link to Councillor Isitt's take on the motion.
My interpretation of this is that at some point in the future, perhaps not this decade or even in the 2020's, the City of Victoria will start reclaiming industrial sites along the Upper Harbour and rehabilitating the land into residential or civic uses. The desire to move industry out of the core is no secret as we've all heard of unhappy residents complaining about the noise and smell of industry. Eventually public pressure will assure industry moves out of the city.
Therefore Ralmax buying the land today ensures they won't be evicted, so-to-speak, if/when the tide turns against them.
My 2 cents, of course.