Vision Lands project in Moncton faces financial trouble
Eco-friendly subdivision has stalled while developer fights off creditors, foreclosure
The Vision Lands project in Moncton has run into financial trouble.
The development was supposed to be a ground-breaking 260-acre sustainable neighbourhood next to the University of Moncton campus.
But only a handful of houses have been built and the developers have run into difficulty with their creditors,
However, to date only four homes appear to have been built.
One of the mortgage holders, Harbour Edge Developments, is threatening to foreclose on developers Paul Arsenault and Donna Ferguson.
A landscaping company has filed a lien on the subdivision for $237,000. A paving company has filed a lawsuit claiming it is owed $278,000.
Arsenault says he's not giving up on his dream of developing Vision Lands and is negotiating to keep his creditors at bay.
Chrissy Guitard lives in one of the energy efficient homes that has been built.
She says she's not worried about the financial problems of the developers.
Moncton has struggled to have the property developed for years.
It struck on the Vision Lands concept 11 years ago, but there were delays right from the start.
The first two developers backed out before Arsenault agreed to build the eco-friendly subdivision.
City council then argued over whether to give Arsenault $130,000 to pay one-third of the cost of building a road to connect the property to the city.
Then the University of Moncton refused to allow a sewer line to go through its property in order to connect the future sub-divisions to the city's system.
In the end, the road was built and the sewer line installed.
The city paid $1.4 million to install the sewer line. Alcide Richard of Moncton's engineering department says the city will recover those costs by charging developers in the area to hook up to the new sewer.