by Richard Gleeson
Northern News Services

NNSL (Mar 21/97) - A last minute cost estimate glitch has stalled approval of a 46-unit Williams Avenue development.

"The figures in the report have been revised today, and they're moving upwards," city planning and lands director Bob McKinnon told the city development committee, Monday.

"I talked to the developer this morning and we're recommending this be deferred for two weeks."

The committee was about to consider a staff report recommending approval of a 46-unit development proposed by Urbco Inc.

The Calgary-based company is already advertising the condominium development, to be known as Diamond Point.

Plans call for paving, sidewalks and a sewer line on a city-owned cul-de-sac that runs along one side of the land Urbco is planning to develop.

McKinnon said road and sewer cost estimates are low. A preliminary survey pegged road costs at $91,000 and the sewers at $81,000.

"With a preliminary survey, unless you've got X-ray eyes, you can't tell what's under the ground," said Adrian Bader, acting director of public works.

Further studies have shown more submerged rock and peat bogs than anticipated. Both drive up construction costs.

Under the proposed agreement, the city would pave the road and build the sidewalks. It would then bill Urbco for 41 per cent the cost. Another 41 per cent would be recovered from the developer of a vacant lot on the other side of the cul-de-sac.

The city would pay the remaining 18 per cent -- $16,380 -- for building a road wide enough to allow street parking for a baseball diamond next to the cul-de-sac.

Urbco is to pay up-front costs for installing sewer and water mains and bill the city for 50 per cent of the cost.

The development agreement calls for Urbco to make a security deposit of $43,000 and obtain liability insurance coverage for at least $2 million.

Urbco has built and successfully marketed a condominium development in Yellowknife each of the past two summers.