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The Metropolis of Langford has filed a discover of civil declare towards the Bear Mountain developer in an effort to get well what it alleges are overdue funds.
Ecoasis and Langford signed a memorandum of understanding in September 2016 for Ecoasis to pay $3,069,507.19 in direction of the extension of the Bear Mountain Parkway.
The developer then paid a portion of the parkway prices in improvement value cost credit, however the two events got here to a dispute over the quantity excellent to be paid.
On Feb. 23, 2023, the 2 signed an settlement that Ecoasis would pay $1,886,353.84 in a cost plan for the remaining steadiness.
The primary portion, $90,000, was due inside 60 days of the settlement, then $300,000 could be due on the final day of the yr between 2022 and 2027, with the ultimate cost being just below $300,000.
Town says Ecoasis paid the primary $390,000, however then the deadline for the subsequent $300,000 cost on Dec. 31, 2023 handed with out cost.
The reimbursement settlement additionally stipulates that if a cost is missed, then all the remaining steadiness is due in full and that an extra quantity equal to the curiosity expenses could be due, which town says as of March 14, 2024, is the same as $1,881,852.36.
Town says it despatched a authorized letter to Ecoasis on Jan. 24 requesting the complete cost by no later than Jan. 31. Town didn’t obtain a response, and adopted up on Feb. 8 requesting the cost by no later than Feb. 14.
This additionally was not responded to, and town says the final cost it acquired was on Jan. 31, 2022.
Town is now in search of Ecoasis to pay the complete quantity plus the entire Metropolis’s authorized prices incurred in imposing the settlement settlement.
Ecoasis has as much as 49 days relying on whether or not they had been inside or out of Canada once they had been served with the discover to reply. Langford filed the discover on March 14, 2024.
Ecoasis has not but filed a response to the declare, and didn’t reply to a request from CHEK Information for remark.
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