THE CORPORATION OF THE CITY OF PORT COQUITLAM N C

UN 8 (ut

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MEMORANDUM . d

Mayor and Council June 4, 1981
In Committee

Public Works Committee

Watermain requirements for Canadian Forest Products

Council will recall previous discusssion regarding. the
servicing of Canadian Forest Products proposed development at
Coast Meridian Road and the Mary Hill Bypass. The developer
is required to extend a watermain from Kingsway along the Mary
Hill Bypass to Coast Meridian Road in order to serve the
development. This main is ultimately at the City's cost from
Development Cost Charge Funds. Council had decided that the
City would be prepared to repay the cost over three years with
no interest being paid to the developer. Subsequently, the
developer submitted a letter in which he argued that there was
a benefit to the City of having the watermain in early and
suggesting that the City pay interest at the current prime rate
for the outsternding balance,

The Public Works Committee had a len
vutis Subject aud, realizin
suggested an alternative
Products. The City has $
improvements to the water

date with no interest charges.
estimate of the cost because the
a design. However, if Council
we would prepare a written agre
arrangements and allow us

This agreement would come

Respectfully submitted,

F.E. Peters, - Eng.,
City Engineer

FEP/sgg