by Richard Gleeson
Northern News Services
NNSL (OCT 30/96) - In an attempt to boost sales in the pricey subdivision the city has quadrupled the time period purchasers of three or more lots have to pay for the property.
Up until now all buyers have had to pay for their purchase, conventionally by arranging financing with a bank, within 30 days.
Those who buy three lots or more will now have a year to make final payment.
Those purchasing less than three lots between now and January 31 have until April 30 to repay.
"I don't think the city should say that in this part of town you have 12 months to pay and in another part of town you don't," said Dick Peplow, the only alderman to oppose the motion.
"Incentives such as this are a common practice in the vast majority of municipalities," countered alderman John Dalton.
"This will enable a developer to do his planning and put his product on the market without having to finance it totally," said Dalton, adding, "It's about time we as a city do things to encourage development instead of discouraging it."
The notion of extending the payment period was prompted by an inquiry from Northern Homes 3000.
The owner of the company approached the city and said he may be interested in building several partially prefabricated homes in the subdivision.
"Several other developers have expressed an interest in the city being more flexible on repayment," noted clerk Brian Chambers.
Earlier this month, responding to a request from another developer, council approved a policy designed to lower financing costs of purchases at the Kam Lake industrial subdivision.