Leamington council is signing off on the latest plans for a six-storey 106-unit apartment building at Seacliff Dr. E and Cherry Lane in town.
However, council didn't agree to the developer's request of a $250,000 bond as security for the project. The majority of council, including deputy mayor Hilda McDonald, feeling a bond to be riskier than getting a letter of credit or cash.
"We have had past history where we have been left holding the bag for an amount of money that then the taxpayer had to pay," says McDonald.
"I felt it was cracking the door open to then doing it for other developers. You can't just do it in a one-off. I felt also we've already made some concessions with [waiving] development charges and in this case, quite a substantial amount," says McDonald.
Councillor John Jacobs was in favour of the bond as a way of not impeding the project.
The Piroli Group is working on an $80-million development in Leamington which would see two apartment buildings and a retirement home built in the town's south end. Construction is ongoing.
