City of Regina gives controversial P3 school developer green light

REGINA – The city has given the green light to a controversial developer involved with the P3 build of the Rosewood Park School.

Initially, developer Rosewood Park Alliance Church was contracted to service the land.

READ MORE: Rosewood School site developer faces default

However, the developer was served a default notice by the city for not providing evidence that they had the financial means to complete the work.

The city then decided to set a deadline and a list of four conditions for the developer including:

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.

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

According to the city, the developer has met their requirements and can now proceed.

“They have provided the information regarding how they will financially get the work done without any financial concessions from the city and provided a list of the creditors and how they will pay it off,” City Planning and Development Executive Director Diana Hawryluk said.

The school in the city’s northwest is expected to be completed by fall 2017.