Tuesday, December 09, 2008

New Nanaimo City Council Gets Serious With Millennium and PNC Hotel Deal

Millennium Must Convince Council
By Dec. 15 or Risk Default

New Mayor John Ruttan has replaced Jeet Manhas on the Port of Nanaimo advisory committee to keep a close eye on the hotel development seen as critical to the success of the new Convention Center in downtown Nanaimo,

The new Council has given Millennium until Dec. 15 to demonstrate how they will complete the hotel project on time or risk being served a 30 day default notice.

It looks like Millennium will actually have to deal with this issue since previous City Council seemed content to let Millennium miss deadline after deadline without consequence.

As stated in this blog before, if Millennium is not pressured to perform, they will never walk away from this deal.

The land for the hotel site has already been deeded to Millennium, so if they are served default it would be curious to know what costs the city will incur regaining title to the property.

Related Links:
Development Permit Application
Plans for Hotel or Condominium?
Council Gets Serious with Millennium
Millennium Deal is Dead


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