Economics of Peel Plaza parking

Country 94 news had a report about the debate about the Peel Plaza Garage.  Here’s an excerpt of the report:

“Council was told by Woods if the location were changed, 1.7 million dollars spent so far on the project would be lost.”

Here’s a basic economic concept as reported on Wikipedia:

“In traditional microeconomic theory, only prospective (future) costs are relevant to an investment decision.”