The old boys network appears to be alive and well, even in these tough economic times. On the recommendation of the 樱桃视频Oceanfront Development Corporation board and without a request for proposals, 樱桃视频council has approved a contract for three former Intrawest executives to be paid somewhere in the vicinity of $600,000 to $1 million over the next 6-10 months to develop a business plan for the Oceanfront lands.
With SODC's accumulated loan of approximately $2.5 million, the bank, concerned with the dormant state of the lands and in a position to call the loan, wanted some reassurance that it will actually see a return on investment, which would be realized only through land sales and development and which the business plan will in theory demonstrate.
However, with the current economic climate, the business plan will be obsolete long before any more condos are contemplated by developers, and it is merely a temporary solution to avoid having the loan recalled. For now, a business plan satisfies the bank's requirements, and it certainly satisfies the three laid-off Intrawest executives who get the plum contract. It remains to be seen if it satisfies 樱桃视频taxpayers.
Ron Enns
Squamish
