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Bayview Estates still in limbo Lauren McKeon Northern News Services Published Wednesday, December 24, 2008
In early October, Jeff Humble, the city's director of planning and lands, said the city and the developer, Edmonton-based Bond Street Properties, were negotiating to finish the building and more information should be available in the coming two months. Humble is now looking to January - or later. "I trust in the new year, some time in the new year, hopefully (we'll have) some results," he said. "The longer things progress, the more the crunch." Bond Street acquired the land in 2003. There are about 16 people who have put in down payments on units and are still waiting. While Humble wouldn't go too much into details about the delay, he did say the developer's reasons for the delay haven't changed much. "Again, financial issues seem to be the hurdle," he said. "They're still trying to get the project off the ground, or to the next stage," he added. Bond Street did not return calls for comment, but Humble said he is sure the developer "wants to conclude the development of the property." "But as these things go they can take a while before they work themselves out," he said. He added the outcome may well depend on the way the market turns. In 2007, the developer did not pay their property taxes in time and was included on the city's tax arrears list. "They appeared on the list, but subsequently the taxes were paid," confirmed Carl Bird, the city's director of corporate services. "The progress of construction is reviewed annually and the assessment is increased accordingly in a fair and equitable manner based on our assessment model," added Bird. And if, as in the case of Bond Street, no progress is made in terms of construction the assessment stays the same. As for whether Bond Street will be unable to pay this year's taxes: "The year's not over yet," said Bird.
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