Financial securities for Reids Heritage Homes has dropped by roughly $400,000 for its Heritage Lakes development here.
On Feb. 5 councillor Wayne Stokley noted the company wanted to reduce securities in regard to landscaping installation.
“But looking at the breakdown, I see that landscaping is only one aspect,” Stokley said, adding the overall security deposit includes storm sewer management, surface road work and so forth.
Stokley asked for a clarification whether the reduction only applied to the landscaping portion – or the entire amount of the security.
CAO Karen Landry explained it is for the overall security. Landry added that in the future staff will be preparing reports that would more clearly define where the money is coming from – and how staff determine the reduction is appropriate.
She stressed checks were made with consultants to ensure reductions were appropriate and based on work yet to be completed.
“The intent is to have staff reports on these types of matters in the future,” Landry said.
Mayor Dennis Lever noted council has in the past relied on engineering reports who would say whether or not they agreed that securities should be reduced at this time.
Council subsequently accepted the recommendation to reduce the financial securities from $2,010,325 to $1,651,352 – representing the work remaining within the development.
