THE CORPORATION OF THE CITY OF PORT COQUITLAM THE CORPORATION OF THE CTY OF PORT COQUITLAM

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3. The developers have called tenders for the instali-
ation and construction of the off-site requirements. They have
unanimously selected the firm of Goodbrand Construction Ltd. at
a price of $600,431.00 (see attached letter dated May 24th, 1977).
The City estimate for the work to be carried out by Goodbrand was
$652,100.00. Not included in either the Goodbrand price or the
City estimate is the underground electrical work and the street
lighting which are estimated to cost $79,100.00. This cannot be £ itte
finalized until B.C. Hydro prepare and provide engineering drawings, Respectfully submitted,
which won't be done until they receive payment for their work in

‘f
full. yf 2 fi
4. Based on 2 above,' the estimated cost of the City's

share for the servicing of the 18 lots is as follows:

7. The normal 10% holdback will be calculateé fron
the developers' share of the off-site servicing costs and will
not include the City’s share. The developers will nevertheless
be responsible in the normal manner for one year's maintenance
on the whole off-site servicing work.

City Efgineer.
Goodbrand Construction $600,431
Engineering Fees 24,500
Underground Electrical and
Street Lighting 79,100
Total Off-Site Servicing Cost - ;
86 lots $704,031

Estimated City Share (28 x 704,031) $147,355

or $8,186 per lot.

5. Usually the City requires that developers submit
their Letters of Credit and Cash prior to receiving fourth and
final reading of Zoning Amendment By-laws. In this case the
Banks will not provide the Letters of Credit because the proper~
ties will not be owned by the developers until after fourth and
final reading, Three letters attached dated May 17th, May 18th,
and May 19th, 1977 outline the fact the Banks are prepared to
issue the Letters of Credit. The Approving Officer will insure
that none of the three subdivisions is approved until all require~
ments are met on each of the three developments.

6. Considerable difficulty has been experienced in
finding a suitable method for the City to pay for the 18/86
share of the off-site servicing costs. On the one hand the three
developers do not wish to be financially responsible for each
other and have therefore entered into three separate agreements
with the Contractor. On the other hand the City does not wish
to become involved directly with the Contractor. It has been
suggested and agreed that the City by endorsement of this report
will agree to undertake to the three developers to receive invoices
from and make payments to the Contractor up to the agreed share
amount after such-time as the off-site servicing work has been
completed, turned over to the City, accepted by the City and the
respective Letters of Credit have been reduced in the normal
manner. .

Jdenee