Barrie Seeks Repayment of $3M Loan from Housing Developer
1 report, 1 independent
Updated Sat 00:00
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What happened
The City of Barrie is seeking repayment of a $3 million unsecured loan from Redwood Park Communities. The loan, approved in June 2021 for the Lillian Place supportive housing complex, was originally interest-free. Redwood Park Communities has proposed a solution to address the outstanding debt within 30 days.
From simcoe.com
Why it matters
The outstanding loan, which was originally due in 2023, has been subject to multiple extensions. The city's Finance and Responsible Governance Committee recently pushed for the loan to be resolved within 90 days. The repayment issue is complicated by the fact that Redwood Park Communities owns the building while the land belongs to another organization.
From simcoe.com
Who's involved
- BarrieThe city seeking the recovery of the outstanding $3 million loan.