Bay Beach Woods subdivision progress prompts release of properties

Enough progress has been made on required work for the Bay Beach Woods subdivision that councillors have agreed to release three of four properties the Town was holding as security.

A staff report at the October 19 council meeting said keeping back one of the properties as a security should be enough to cover the anticipated costs of the remaining work.

The plan of subdivision first received Town approval all the way back in 1998, as a 32-unit build of single detached homes. The Town then entered into a subdivision agreement with Bay Beach Woods Ltd. in 2005. An amending agreement in 2016 saw the four properties put up as security as the owners worked through a list of deficiencies and other required work.

“While deficiencies and outstanding works remain, the developer has made progress toward completion of the subdivision. Staff note that external factors contributed to delays in advancing the development; however, those factors have since been resolved,” the report said.

Based on updated cost estimates for the remaining work and appraisals of the lands being held, staff said they believe holding only one of the properties will be enough.

Mayor Wayne Redekop said he wanted assurances that the numbers work out.

“I shouldn’t think that we would be releasing three of the four lots until we know that the one lot has a value that will cover the security obligations,” he said.

The report does refer to the agreement being subject to such confirmation, though Redekop had a slight amendment approved to reinforce that.

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