The City of Iqaluit and Nunastar Properties Inc. have signed a memorandum of understanding (MOU) to work together and help resolve historical lot encroachment by the city on lots leased to Nunastar.

In November of last year, Nunastar presented a proposal to the city to help cap city costs for the realignment of a section of Palaugaa Drive, which stretches from the Aquatic Centre down to Queen Elizabeth Way.

Previously the citySA国际影视传媒檚 position was not in support of road realignment due to the costs it would entail for the City. With this MOU, Nunastar would be the one to undertake the road realignment to create a proper road right-of-way up to municipal standards.

SA国际影视传媒淭he citySA国际影视传媒檚 contribution will be capped at $500,000 for the land acquisition and road construction works,SA国际影视传媒� said Michelle Armstrong, a consultant planner with the City. The City will also be responsible for the legal survey to dedicate Lot 21 as a road parcel as part of this new road realignment.

The realignment will help remove public encroachment on lots leased to Nunastar.

Without this, the estimated cost to undertake this work would be approximately $975,000, this deal helps mitigate risk for the city.

SA国际影视传媒淲e have been working with the city over 12 years on these issues and finally there are practical solutions being proposed which will enable all stakeholders to move forward,SA国际影视传媒� said Ed Romanski, president of Nunastar Properties.

SA国际影视传媒淭he CitySA国际影视传媒檚 cost and risk exposure is limited,SA国际影视传媒� said Romanski.

The lots which are encroached on specifically are 9-1, 92 and 192, Nunastar wishes to redevelop two of those lots with 120-unit residential apartment buildings, the current name for this project is Sky.

SA国际影视传媒淭his is the only known example of a public road that passes through a leased lot without a surveyed road allowance so there really hasnSA国际影视传媒檛 been any previous experience to draw upon to resolve this issue,SA国际影视传媒� said Armstrong. The MOU will help move this issue forward, she added.

Councillor Romeyn Stevenson, said itSA国际影视传媒檚 important to undertake work such as this in order to help grow Iqaluit.

SA国际影视传媒淲e need to continue to find these problems and resolve them as quickly as possible. Especially where they effect leasees and where they effect development is important,SA国际影视传媒� said Stevenson.

Iqaluit mayor Kenny Bell praised Nunastar for working with the City on resolving these issues, saying itSA国际影视传媒檚 a SA国际影视传媒済reat deal for the City and a great deal for Nunastar.SA国际影视传媒�

SA国际影视传媒淚tSA国际影视传媒檚 a long-time coming, as we can see yes weSA国际影视传媒檙e spending $500,000 to fix the situation but if we had to remove that road it would have cost a lot more and we will be receiving a lot more intact revenue from the two properties that weSA国际影视传媒檝e built on that location,SA国际影视传媒� said Bell.

Nunastar plans to further develop Astro Hill with additional residential projects currently planned such as Sky, Pinnacle and Lookout. Work is also currently being done on another project, Gate. Additional commercial space is also being planned for the area.

If completed these will result in 250 new units in downtown Iqaluit.

SA国际影视传媒淭he result in the end will be more residential unit and commercial development in our community,SA国际影视传媒� said Romanski. SA国际影视传媒淲e will continue to be a make developer in Iqaluit.SA国际影视传媒�

SA国际影视传媒淲eSA国际影视传媒檙e happy, youSA国际影视传媒檙e happy, everybodySA国际影视传媒檚 happy,SA国际影视传媒� said councillor Joanasie Akumalik.