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://www.cbc.ca/canada/calgary/story/200...n-calgary.html
A Calgary committee has approved a plan that will oblige condo developers to post a bond before construction begins in case projects get abandoned later.
At least 10 developments in the city are inactive, with most of them left as massive holes in the ground. In some cases, the city has been left to pay for securing or cleaning them up.
"In case a site going forward finds itself in a situation, economically or for other reasons, in what we are referring to as suspended activity, we would be able to have the funds needed to fill the hole for example and put it in a safe condition," said Kevin Griffiths, the chief building inspector for the City of Calgary.
The land use, planning & transportation aldermanic committee approved the bond proposal on Wednesday, but the idea still has to be approved by city council.
No specific dollar figures were suggested at the committee meeting, but the remediation bond is likely to be a percentage of the total cost of a project, which could run into the millions of dollars.
://www.cbc.ca/canada/calgary/story/200...n-calgary.html
A Calgary committee has approved a plan that will oblige condo developers to post a bond before construction begins in case projects get abandoned later.
At least 10 developments in the city are inactive, with most of them left as massive holes in the ground. In some cases, the city has been left to pay for securing or cleaning them up.
"In case a site going forward finds itself in a situation, economically or for other reasons, in what we are referring to as suspended activity, we would be able to have the funds needed to fill the hole for example and put it in a safe condition," said Kevin Griffiths, the chief building inspector for the City of Calgary.
The land use, planning & transportation aldermanic committee approved the bond proposal on Wednesday, but the idea still has to be approved by city council.
No specific dollar figures were suggested at the committee meeting, but the remediation bond is likely to be a percentage of the total cost of a project, which could run into the millions of dollars.