Rosewood School site developler confident they can meet Friday deadline before city takes over

REGINA – Demonstrate how you’ll finish servicing the northwest school site, by Friday at 4 p.m. or the city will take over and make the developer pay.

That’s the ultimatum council unanimously put toward the Rosewood Park Alliance Church and their partners involved in the P3 school site.

This all stems from a default notice the city served the church on March 9, 2016. Since then the city and development team have been in regular contact, and last week lead project developer from SVN, Jason Petrunia, said they would be able to meet the deadline.

The developer had requested concessions from the city on this work. Despite those concessions being rejected, the developer is confident they will be able to deliver.

There are four conditions the church and SVN must meet by the Friday deadline:

1. Provide a detailed construction schedule and plan on how the details of the servicing agreement will be met.
2. A detailed list of outstanding creditors along with the proposed plan for payment of outstanding accounts and related timelines for payment.
3. A detailed financial plan that completes all work required in the servicing agreement without relying on City of Regina concessions.
4.  Provide a proof of a line of credit or certified cheque for just under $3.2 million representing the performance security in the servicing agreement.

“They’ve indicated to us that they can meet the conditions in the report, and we’re assuming they’re going to act in good faith. If not then the city will take it over,” Mayor Michael Fougere said after the council meeting.

One way the city may look to recover potential money spent on the takeover would be to collect it through a development levy placed on further work in the Rosewood neighbourhood.

READ MORE: Rosewood School site developer faces default

The provincial deadline for having the servicing work completed is the end of 2016.