Len Barrie, owner of Bear Mountain Resort and LGB9 development company, has failed to pay back $4.8 million owed to the City of Langford for Bear Mountain Interchange construction. The city's agreement with Barrie originally called for the loan to be repaid on March 2, 2009.
John Manson, Langford's chief engineer, confirmed on Friday, September 4 that Barrie has not paid back any of the funds Langford borrowed for interchange construction.
Langford has not set a new payment date. Instead, Manson would only say that repayment has been "postponed." In the meantime, Manson said, the city has stopped work on the interchange until construction can begin on the new development north of the freeway, and until the city finds out whether federal and provincial grants will be delivered for the project.
Manson said that around $14 million has been spent on the interchange in total, and the city still hopes for a federal and provincial grant for what the calls "phase two" of the project, consisting of additional cloverleafs and on-ramps linking the TransCanada Highway to Bear Mountain Parkway just west of Spencer Road.
Interchange loan payback "postponed" indefinitely
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