The City of Langford has admitted it has nothing in writing from the developers to guarantee repayment, despite having already spent hundreds of thousands of dollars on policing and hundreds of thousands more on preparing the land for the proposed interchange. This quote from yesterday’s Goldstream Gazette:
“Langford is now looking to borrow $9.75 million, Young said, while the developers finance the same amount independently of the city. The deal doesn’t change, he stressed — developers will be paying back Langford’s portion, freeing taxpayers from footing the bill. Young admits they don’t have a signed deal with the five developers. “We’ve got to get it in writing,” he said. “We have an agreement that they will pay Langford’s portion, and they will pay their portion and any cost overruns.” Read the rest of this entry »
