Source: Town of Pelham Response to Barrick Motion
Mayor Dave says that the $3,000,000 cash payment and $500,000 IOU will be repaid by Development Charges. In fact, it is now an Accounts Receivable. So don’t worry, it is an asset.
But wait?!?!?!?!? What is this?!?!?!? We need to recover this “asset” from Development Charges. It looks like we need 12,000 homes (or about the size of Welland) to pay off this debt.
Hope we don’t have any other projects that need to be paid with Development Charges in the next 30 years.
Makes you go Hmmmmmmmm?!?!?!