After more than five years, the controversial proposed Port Elgin Beach project, which was known as the Cedar Crescent Village (CCV), and is now known as 2706913 Ontario Inc., due to a conflict in proprietary rights to the name, is coming before Council on Monday, February 24th (2025) in a Staff report.
In the report being brought forward to Council, “… the Proponent is seeking an extension of the deadlines in the SWSA (Site Works and Service Agreement) as well as several amendments to both the Land Lease and the SWSA. Attached to the report is a Letter to the Town from Pier Donnini, dated February 11, 2025.”
Donnini, in addition to members of his consultant/investment team will also attend the meeting with the request to Council and to answer questions.
According to the Staff report, “… the Town also received correspondence on December 5th, 2024 and further confidential documentation dated February 19, 2025 from Libro Credit Union confirming the Proponent’s engagement with Libro to be the commercial lender (Leasehold Mortgagee).”
In the Libro Credit Union letter, a Commercial Markets Specialist, says that, “The passion behind this project and the support of the Municipality are evident … It will be a beacon of what can be accomplished when forward thinking Municipalities work together with entrepreneurs towards a shared vision.”
In the report, in addition to extended timelines and amendments, “… the Proponent is seeking an acknowledgment from Council that tariffs imposed by the Governments of the United States and Canada will be identified as an event of Force Majeure if there are delays to the construction schedule due to the speed of delivery of equipment.”
It was recommended however by staff that the ‘Force Majeure’ request be removed in that by definition, “… it does not include (a) financial distress nor the inability of either party to make a profit or avoid a financial loss, (b) changes in market prices or conditions, or (c) a party’s financial inability to perform its obligations.”
While the Staff report is on the public agenda, Council will also be moving into a ‘closed to public’ session on Monday night to discuss the request for the extension and amendments to the original agreement, as set out in the Staff report’s concluding recommendation that,
“Council consider the request for extension made by 2706913 Ontario Inc. (CCV), and if approved, adopt a By-law to authorize an Amending Agreement, without Section 4a, to amend the Land Lease and Site Works and Servicing Agreement.”
Community members can stay informed as the Cedar Crescent Village project progresses at the Port Elgin waterfront along with more detailed information about the project, including updates on construction, at www.saugeenshores.ca/CCV.
