Belleville seniors apartment expansion to go ahead thanks to security deposit delay

A Belleville seniors apartment building expansion can move ahead quicker thanks to a decision to defer a securities deposit.

Belleville Council chose to grant the Parkside Village owner’s request to delay their site plan security until they receive their first funding from the Canadian Mortgage and Housing Corporation.

The proposed expansion of the existing seniors’ residence facility on 193 North Park Street will allow a four-storey, 54 unit building to be constructed connecting the existing two-storey, 30 unit building.

This development, staff stated in a report, will help with the current housing shortage in the area.

Securities are posted by the developer to guarantee that aspects of the project meet specific city requirements.

This means that if the developer fails to construct the required infrastructure and/or amenities covered by the securities, the city has the ability to complete the project using these monies.

Securities for on-site requirements usually include all site works excluding the buildings and are collected at 50-per cent of the total costs.

Securities for off-site requirements include any works done on city property and are collected at 100-per cent of the total costs.

When the developer completes these works to the satisfaction of the city, the monies are returned to the developer.

The required site plan security for this development has been calculated at $270,000.