Langford Council tonight adopted the final (after many false starts previously) of the Spencer Road Interchange financing. In doing so, Langford Council set in motion the borrowing of $9.75 million (reportedly from TD Bank, though TD officials have thus far refused to confirm or deny this).
Perhaps the most controversial aspect is that the deal with the five developers absolves them of paying “Roads Development Cost Charges” (aka Roads DCCs) until January 2020 that would normally have to be paid as they subdivide and develop the properties they have agreed to associate with the interchange project. Read the rest of this entry »
