On Tuesday the contract was awarded to service the Leslie Street Lands.
The estimate was $6 million dollars.
The bids were in,Including contingency, the award was $7,1 million.
I had understood the land sale netted $6million. I asked where we would borrow the extra $1.1 million for the servicing.
Bulk Barn will be paying a proportionate share.
The Chief Financial Officer informed Council when the funds came in from the sale of the land. the land sale fund would be sufficiently replenished.
On Friday, Council received an e-mail from the town solicitor informing us the deal had closed as expected and $5,452.million had been deposited in the land sale account.
It's not $7.1 million but I will have to wait until July 4th to discover where we will be borrowing the cash to pay for the servicing contract.
Saturday, 30 June 2012
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Does it strike anyone else as odd that estimates of what the town will have to pay are often too low while estimates of what the town will receive are often too high? Just asking.
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