That update from Mint and Filion says it all. It's all up to Bazis. It has nothing to do with the TTC. Bazis signed legal, binding agreements with the TTC before construction began specifying specific payment amounts on specific dates and Bazis has failed to meet their obligations. Bazis is putting all their money into paying contractors at their active condo sites and may be cash tight to pay the TTC so they're stalling. It's not a matter of Bazis disputing the agreements or trying to renegotiate them as AmnesiaJune thinks. They're just stalling, so the TTC said, "no pay, no tunnel."
Here are some of the specific terms and criteria that form the master agreement and legally bind Bazis.
1. Financial obligations of developers and building owners shall be clearly
defined and communicated to the developer or building owner early in the
development process in the case of proposed new developments.
2.The Entrance Connection fee shall be based on the size and location of the
particular Development and the calculation of the fee shall be transparent.
All Entrance Connections shall attract an Entrance Connection fee in
accordance with this policy which shall be paid by the developer or building
owner in accordance with the Entrance Connection agreement.
3.The property requirements for elements of an Entrance Connection which will
be maintained by TTC once the Entrance Connection is under operation or
which forms or will form a structural component of the Transit Station will
be provided by the developer or owner of the Development in easement or
fee (simple or strata) interest in the name of the City of Toronto for use by
the TTC as determined by the TTC in consultation with the City of Toronto.
4. The Entrance Connection is the subject of an Entrance Connection agreement
setting out the fee structure, process for approval of the construction plans
and documents, construction methods and procedures, responsibilities for
security (including the responsibility for opening and closing the Entrance
Connection), repair and maintenance, liability, insurance provisions, future
upgrades to the connection, signage, and responsibility for structural
inspection, maintenance and rehabilitation.
5. Fee Structure
The Entrance Connection fee is a rate per square metre or square foot of
Development Gross Floor Area that increases with the development density
as follows:
Density of Development Rate
Dollars per Square Metre
<4 times density $3.23
4-5 times density $4.84
5-6 times density $5.38
6-7 times density $5.92
>7 times density $8.07
6.Payment of Entrance Connection Fees
Entrance Connection fees can be paid as a lump sum amount or in
instalments over a period not to exceed 20 years and taking into account the
time value of money, equal at a minimum to the payment of a loan at prime
plus 1% annual interest.
7.All costs associated with the initial design and construction of an Entrance
Connection shall be borne by the developer.
There are many more pages in the agreement but I won't bore you with fine print and legal language.
It's all up to Bazis but if they continue to stall and be evasive, there could be legal action.
Here's a silly, juvenile statement from the Bazis info line. "For any matters as to why the tunnel has be closed please contact the TTC as Emerald Park does not have any authority in this matter." As if Bazis has no idea why it's closed.
