The City of Burnaby is taking legal action against Thind Development (Maywood) Limited Partnership and Madeira Manor 2018 Ltd. for almost $1.3 million in unpaid interest on a deferred 'density bonus' payment for a 24-storey tower development.
The city says Thind Development Limited Partnership and Madeira Manor 2018 Ltd. haven’t paid the interest on a $5.68-million deferred “density bonus” payment for a 24-storey tower development at 6677 Silver Ave. , according to a claim in B.C. Supreme Court.
The policy allows developers to pay money in exchange for being allowed to build more units. The money goes towards major community amenities, such as recreation centres, child-care facilities and affordable housing programs. Burnaby began invoicing for the interest payments in August 2022, but the city says the owners did not make the payments.
LAWSUIT DEVELOPMENT DENSITY BONUS Burnaby INTEREST
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