File #: TMP-33790    Version: Name:
Type: Open Delegations Status: Received
File created: 3/17/2025 In control: Finance and Responsible Governance Committee
On agenda: 4/9/2025 Final action: 4/9/2025
Title: OPEN DELEGATION BY CESARE BAUCO ON BEHALF OF CENTREVILLE HOMES TO REQUEST DEFERRAL OF DEVELOPMENT CHARGES Cesare Bauco, on behalf of Centreville Homes, provided an open delegation concerning a request for the deferral of development charges for their Essa Road Project. Mr. Bauco stated that Centreville Homes is in the process of developing approximately 650 units in the Salem and Hewitt's Secondary Plan. He commented that Centreville Homes wants to deliver these homes but has experienced many delays because of the COVID pandemic, the changes in real estate market, and the lending criteria from their Financial Institution. He explained that 100% of the units were sold, but some purchasers have now opted out of their contracts due to these delays, resulting in 65% of the units remaining. Mr. Bauco commented that their goal is to see the project moving forward and requested to defer payment of approximately 4.3 million of the development charges to either closing or registration with t...
Attachments: 1. Open Delegation - Centreville Homes deferral of development charges

Title

OPEN DELEGATION BY CESARE BAUCO ON BEHALF OF CENTREVILLE HOMES TO REQUEST DEFERRAL OF DEVELOPMENT CHARGES

 

Cesare Bauco, on behalf of Centreville Homes, provided an open delegation concerning a request for the deferral of development charges for their Essa Road Project.

 

Mr. Bauco stated that Centreville Homes is in the process of developing approximately 650 units in the Salem and Hewitt's Secondary Plan. He commented that Centreville Homes wants to deliver these homes but has experienced many delays because of the COVID pandemic, the changes in real estate market, and the lending criteria from their Financial Institution. He explained that 100% of the units were sold, but some purchasers have now opted out of their contracts due to these delays, resulting in 65% of the units remaining.

 

Mr. Bauco commented that their goal is to see the project moving forward and requested to defer payment of approximately 4.3 million of the development charges to either closing or registration with the Condominium Corporation to enable them to start building homes.

 

Members of Committee asked a number of questions of Mr. Bauco and received responses.