Yellowknife's Northlands votes for deal with city
Condo corporation has support to go ahead with water and sewer repair loan
The condo corporation behind Yellowknife's Northlands Trailer Park says it has gathered enough votes to move ahead on a deal which will see its crumbling sewer and water lines replaced.
Under the deal, the City of Yellowknife will act as a co-signer for a $15.7 million loan on behalf of the condo board. Homeowners would pay up to $358 a month to pay it back over 25 years.
Once the loan is paid down, roads and infrastructure at Northlands will be transferred to the city.
A minimum of 60 per cent of homeowners had to sign on for the agreement to be approved.
The condo board said it has received all the votes it needs to approve the agreement, and now the deal is in the city's hands.
In April 2010, the Canada Mortgage and Housing Corporation (CMHC) announced it would no longer insure mortgages on homes in the trailer park until there was a plan to fix the aging infrastructure. The CMHC estimated it will cost between $12 million and $18 million to replace Northlands’ aging sewer, water and road infrastructure.
About 1,100 people live in the park’s 258 trailers.