March 7th, 1977

that the Land Use Contract Contract was negotiated on the basis that all

"front end" funds, including purchase of. the City property, would be paid

prior to commencement of the development, and members of Council generally

agreed that as there would be an unpaid balance on the full purchase price for the City property, the current rate of interest should be charged thereon.

Moved by Alderman Traboulay:

Seconded by Alderman Laking:

That as proposed under Item'No. 4 ofa report~from the City Clerk, March 2nd, 1977, respecting the subdivision project of Nu-West Development

Corporation Ltd., the following "control" dates be included in the Land

Use Contract therefore:

PHASE APPROVALS NOT TO BE GRANTED BEFORE DATES SHOWN

Subdivision Building Permit Occupancy

I (70 lots) Immediate On filing As houses ready Subdivision Plan

II (60 lots) July 1, 1977 November 1, 1977 March 1, 1978 III (43 lots) April 1, 1978 August 1, 1978 November 1, 1978 IV (40 lots) August 1, 1978 March 1, 1979 July 1, 1979;

AND THAT irrespective of the dates shown above, the said Land Ur2

are

Contract prohibit the Developer from moving on to the next phase until ar,

building permits for 75% of the houses in the previous phase or phases

have been taken out. Carried.

Moved by Alderman Laking:

Seconded by Alderman Mabbett:

That Item No. 5 of the report from the City Clerk, March 2nd, 1977,

respecting the subdivision project of Nu-West Development Corporation Ltd., set forth in its entirety hereunder, be endorsed:

“A provision is contained in the Land Use Contract requiring the entire land development project ~- but not the actual house construction - to be completed by December 31st, 1983, and after this date the Land Use Contract will lapse, the undeveloped land will revert to its original zoning and thus, for all practical purposes, a reference to Council will

be necessary before further development can take place." Carried.

:City Clerk re From the City Clerk, March lst, 1977, advising that Zoning Amendment

amendment- Zon. Amend.B/law By-law No. 1468 respecting the Commercial Development proposed for the

#1468

South-east corner of Prairie and Coast Meridian Roads, will have to be

amended before it can be further processed so that it is stated in terms

of the City's new Zoning By-law.