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DEVELOPMENT CORPORATION LTD.

BY HAND

February 4, 1977

City of Port Coquitlam 2272 McAllister Avenue PORT COQUITLAM, B.C. V3C 2A8

ATTENTION: Mayor Campbell and Council

Dear Sirs:

RE

~-RE:__Re-Zoning Application R14-73__

In reference to our proposed Cedar Drive project, we respectfully request that Council approve the co-ordination of.bonding deposits and cash payments with the phasing

of the project as cutlined on the attached schedule.

The amounts set out for each phase are proportioned according to the amount of work directly related to the phase. Those works pertaining to the project as a whole, such as park development and water main on Prairie, are all included in the first phase.

We support our request with the following information:

1. The proposed procedure of coordinating the deposit with

the work in the phase is not different than the method ‘normally used in the subdivision of land;

2. The phasing method imposes no risk on the City. The entire project is bound by the Land Use Contract and the approving officer will not sign the plan of subdivision for any one phase until the appropriate amounts for that phase have been deposited with the City;

The alternative method of bonding, which would require the total amounts to be placed at the beginning, is of

no benefit to the City, but does add a major unnecessary cost to the project in the form of additional interest

costs.

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12650 - 82nd Avenue, Surrey, British Columbia, Canada V3W 3G1_ Telephone (604) 594-7511