mortgage no secret

Contrary to recent comments by some candidates, the Bosa Properties second mortgage has been public knowledge for years.

The Purchase and Sale Agreement describes the payments required by Bosa Properties. The City used a second mortgage as an added layer of protection for taxpayers.

This was certainly no secret. In fact, Jean Kromm, a director for both the White Rock Ratepayers Association and Citizens for Positive Renewal, had this to say in her 2005 Annual Report to the WRRA:

A copy of the contract signed by the city with Bosa Properties Inc. was obtained through Freedom of Information and considerable concern was expressed regarding the inclusion of a Second Mortgage to be held by the city at no interest rate until the first phase of the development is completed.

All related documents, except negotiation details (expected to be released this coming week), have been freely available for years on the City website.

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