Email to Councilor Kipp re Cable Bay/Oceanview Golf Resort
Hi Jim — A quick follow up to our emails re Cable Bay/Oceanview Golf Resort.
You’ll have seen this morning’s Globe story Langford’s Bridge to Nowhere:
Check out this Globe and Mail article “Financial woes land interchange project in limbo” .
Langford Mayor and Council were clearly satisfied that the development would pay for the infrastructure but they’re sure out on a limb here now. There’s a similarity with the Cable Bay/Oceanview project in that proponents have always claimed that the developer would be paying all infrastructure costs. Assuming that the developer isn’t a philanthropic foundation paying for municipal services with its own funds, I assumed what they meant was the consumer, the purchasers of the properties would be paying. But here’s the question I hope you can have addressed for me by staff:
What risk analysis has been done of the consequences of these properties being at a sizable competitive disadvantage due to these infrastructure costs being added to the purchase price? What is the liability to the city should a project like this fail? Certainly for a start a considerable investment of city staff time and resources would be down the drain. But what beyond that? Is the developer obliged to post in old fashioned cash funds to cover up front costs?
You see the nature of my concerns. While not urgent, I hope someone can take a few minutes and address them.
– Frank Murphy