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Arguing there is little chance the Marguerita Residence Corporation will even need the funds, the planning and operations committee on Tuesday recommended the full council approve the request.
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The full council’s final vote is expected to happen next Tuesday.
The recommendation comes a week after city council waived almost $193,000 in building permit and wastewater fees for the non-profit corporation building an 88-unit seniors’ apartment building on the site of the former St. Vincent de Paul Hospital.
The request for a guarantee of up to $750,000, to cover possible construction cost overruns, was made at the insistence of the Marguerita Corporation’s lender, TD Commercial Banking.
Article content
Arguing there is little chance the Marguerita Residence Corporation will even need the funds, the planning and operations committee on Tuesday recommended the full council approve the request.
We apologize, but this video has failed to load.
Try refreshing your browser.
The full council’s final vote is expected to happen next Tuesday.
The recommendation comes a week after city council waived almost $193,000 in building permit and wastewater fees for the non-profit corporation building an 88-unit seniors’ apartment building on the site of the former St. Vincent de Paul Hospital.
The request for a guarantee of up to $750,000, to cover possible construction cost overruns, was made at the insistence of the Marguerita Corporation’s lender, TD Commercial Banking.
Article content
Arguing there is little chance the Marguerita Residence Corporation will even need the funds, the planning and operations committee on Tuesday recommended the full council approve the request.
We apologize, but this video has failed to load.
Try refreshing your browser.
The full council’s final vote is expected to happen next Tuesday.
The recommendation comes a week after city council waived almost $193,000 in building permit and wastewater fees for the non-profit corporation building an 88-unit seniors’ apartment building on the site of the former St. Vincent de Paul Hospital.
The request for a guarantee of up to $750,000, to cover possible construction cost overruns, was made at the insistence of the Marguerita Corporation’s lender, TD Commercial Banking.
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A week after city council waived almost $193,000 in building permit and wastewater fees for the Marguerita Residence Corporation, the group is asking city hall for a cost overrun guarantee of up to $750,000.
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Try refreshing your browser. Guarantee sought for St. Vincent project Back to video
“Our expectation is that we won’t be required to draw on it,” Bruce Hynes, chairman of the corporation building an 88-unit seniors’ apartment building on the site of the former St. Vincent de Paul Hospital, said Monday.
A third of the apartments are to be rent-geared-to-income.
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