![]() ![]() To try to parse that out, we would have to get a new letter of credit, issued for a lesser amount if that was the desire,” Donaldson said. It’s not actual cash that we’re holding, and we’re agreeing to is just to release that letter of credit. “Quite frankly, if the obligations have been met, I think, contract two would dictate that funds are returned,” according to Muskoka Lakes CAO Derrick Hammond.ĭirector of Financial Services Mark Donaldson told council that the withholding a section of the current security wasn’t possible. Municipal staff was unsure if council had any options in attempting to withhold part of the securities. “(SREL) have lands that they occupied, and they should be cleaned up,” Nishikawa said. Nishikawa says that SREL has a responsibility to finish the job. But again, there are other locations that are in our township that I don’t feel SwiftRriver has completed their promises to the to the community.” Nishikawa said. “I just don’t want to take over something that is a little bit premature in my opinion. There was confusion among councillors and staff about which lands were being referred to and if they were in fact Township responsibility.Īnother Ward A Councillor Ruth-Ellen Nishikawa agreed with Zavitz’s questioning if the job was truly completed. In accepting the park, if we’re giving them their 200,000 bucks back and we may have to incur the costs of remediation.” Zavitz said. Zavitz said his main reason for not supporting the release of the security was his concern that SREL has not honored its commitment to fully remediate the site. “I don’t know why we would give them their funds back when they in fact have not completed the project to the fulsome extent of the contract or the agreement,” Zavitz said. Ward A Councillor Glenn Zavitz said he was unsure about the return of the funds. However, several members of council aren’t satisfied. Now SREL says that they have completed the park and would like to transfer the ownership of the park to the Township and for the return of their security. In order to ensure the security of the project, the township was given $200,000 in securities from SREL, to be released upon the completion of the project. Another aspect of their involvement with the municipality is the development of a Portage Landing Park beside the power plant that, when completed, would be returned to Township ownership. SREL has been responsible for the construction and running of the water power plant in Bala. Several Muskoka Lakes councillors expressed their displeasure and belief that Swift River Energy Limited (SREL) has yet to complete its job as agreed to in its contract with the municipality. ![]()
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