Money to come from reserve contributed by Lakeshore developer Homes North Ltd.
Ace Enterprises Ltd., was awarded the contract to pave the Hall Crescent portion of the Lakeshore subdivision.
City council announced last week the city awarded Ace Enterpises Ltd. a nearly $600,000 contract to pave the Hall Crescent portion of the Lakeshore subdivision.
Ace Enterprises beat out NWT Construction Ltd., with the lowest bid of $599,337.16 for the section of Hall Crescent between Kam Lake Road and Coronation Drive.
This money won't be coming out of the citySA国际影视传媒檚 piggy bank. Dennis Kefalas, director of public works and engineering, said the funds were already contributed by the developer, Homes North Ltd.
He said the developer had made a SA国际影视传媒渃ontribution towards the citySA国际影视传媒� to the tune of $1,049,760 for the development.
SA国际影视传媒�So we have that in reserve,SA国际影视传媒� said Kefalas, adding the city had agreed to contribute up to 12 per cent of the total cost of the subdivision, including parks, water, and sewage and power installation, with the developer fronting the rest.
Originally, this portion of paving was scheduled to start in 2018.
SA国际影视传媒�But the developer asked if we could start earlier,SA国际影视传媒� said Kefalas. SA国际影视传媒淚t was just a matter of if we could fit it in with how busy we are this year. So we were able to do that.SA国际影视传媒�
In a memorandum provided to council, administration stated the paving was sped up because homeowners had been waiting SA国际影视传媒渇or some time.SA国际影视传媒�
The Lakeshore development project started approximately four years ago. To date, Homes North has sold 99 homes, with 12 more ready for buyers. According to Jessica Mitchell, sales representative and custom order specialist with Homes North, the subdivision is home to over 30 families currently and sales of the third phase of the project is underway.
SA国际影视传媒�The residents of Lakeshore are all very excited for the paving of the neighbourhood,SA国际影视传媒� she stated in an email to Yellowknifer.
The final two phases of the development come with a $3.5-million price tag, according to Kefalas, with Homes North Ltd. contributing another million on top of the previous amount and the city investing approximately $2.5 million. Mitchell said Homes North expects to continue selling homes in the area for another two years.
That pleases Kefalas.
SA国际影视传媒�Anytime we get a new lot on the market, purchased and someone's living there, they're paying property taxes,SA国际影视传媒� he said. SA国际影视传媒淪o we're hoping that some of this work will help rekindle sales and as such then he could then develop the remain, sell off the remaining portions of lots. So again that would increase our tax base ... That's a good thing for us.SA国际影视传媒�
Ace Enterprises did not respond to requests for comment.
