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ChatGPTClaudePerplexity· Related development
Colonies PID board reworks its 2021/22 plan around about $3.2 million owed to the developer
At the June 10, 2021 budget meeting Finance said the Colonies PID still owed the developer about $3.2 million, rising to $3.5 million if reimbursement waited a year, and that the five-year plan went negative with the planned fifth debt issuance. On June 24 the board split two $2 million reimbursements into four $1 million reimbursements, moved the fifth issuance to 2022/23 at $75,000 of debt service instead of $150,000, and held the landscape contract line at $180,000; it approved the plan unanimously without an assessment increase.[1][2]
What the sources say
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On June 10, 2021 Finance said "the Colonies still owes the developer approximately $3.2 million," that waiting a year "would bring the debt up to $3.5 million," and reminded the board that the five-year plan's surplus "must stay a positive number to be brought before city council and passed." Revised 2020/21 maintenance and operations were put at $595,000. [1]
- Owed to developer
- $3,200,000
- ✓ Verified
On June 24, 2021 the board's interim chair said "the two $2 million reimbursements were split into four $1 million reimbursements" and the fifth debt issuance's estimated debt service was cut from $150,000 to $75,000 and moved to 2022/23. Staff noted the changes "do not include an assessment increase"; the chair said he would prefer another homeowner on the board before deciding on one. The budget and service plan were approved unanimously. [2]
