You're absolutely right, Spanky. But I'm skeptical of anything printed in the Gazoo, and doubly so if it's attributed to the mayor. I believe the city is still trying to get the province or the federal government to pay Bear Mountain's share, since you can't get blood from a stone.
I'm only sure of two things at this point - so I appreciate the dialogue.
1) Langford is not on the list of secured creditors.
2) There is no set date for repayment of the interchange loan.
Here's an excerpt from the repayment agreement, which was passed as part bylaw 1171 in August, 2008. (Note that LGB9 is now BM Development Holding.) I will go through the report again and see if I can find any mention of "charges" on the property. But maybe that's in a separate document?
Staff report to council, August 18, 2008:
1. In this Agreement,
(a) "Local Area Service Petition" means the petition for the Spencer Road Interchange Project, the sufficiency and validity of which was certified by the City's Corporate Officer on December 27, 2007,
( "Payment Date' means March 2, 2009 or such other date as may be mutually agreed to by LGB9 and the City, and
© "Project" means the Spencer Road interchange project and defined as the "Project' in the Spencer Road Interchange Construction Management Agreement entered into concurrently by LGB9 and the City.
2. LGB9 shall pay to the City in respect of each of the parcels shown in column 2 of Schedule A the amount shown for that parcel in column 3 of Schedule A.
Timing of Payment
3. LGB9 shall pay to the City the amount required under section 2 of this Agreement on the Payment Date.
Form of Payment
4. Payments required to be made to the City under this Agreement shall be made by LGB9 providing to the City on the Payment Date the following:
(a) cash in the amount required under section 2; or
( a clean, irrevocable letter of credit in the amount required under section 2,
(i) that is issued by a Canadian Chartered Bank or Credit Union having a branch office in the City of Langford,
(ii) that has a term of at least 1 year, and
(iii) that is in a form acceptable to the City's Director of Finance.
Column I Column 2 Column 3
Owner Parcel Required Payment
LGB9 Development Corporation 009-853-081 $148,335.80
LGB9 Development Corporation 009-853-103 $192,247.49
LGB9 Development Corporation 009-858-636 $342,725.33
LGB9 Development Corporation 009-858-652 $2,085,269.40
LGB9 Development Corporation 026-228-203 $84,074.81
LGB9 Development Corporation 026-228-211 $129,057.51
LGB9 Development Corporation 026-632-209 $129,593.01
LGB9 Development Corporation 026-886-472 $41,234.14
LGB9 Development Corporation 027-055-680 $115,134.29
LGB9 Development Corporation 026-952-076 $73,364.64
LGB9 Development Corporation 025-838-563 $1,097,256.55
LGB9 Development Corporation 026-867-494 $29,988.47
LGB9 Development Corporation 025-695-126 $328,802.11