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Torgan delays prompt council to > examine role in Uptown project forced,\failing the involvement of major tenants, to sell the site." Alternatively, a new tenant may be found, design work completed, and construction begun‘ by midâ€"1990. . ~â€""I do believe the developer is still trying toâ€" pull the project Chronicie Staft Waterloo city council wants to know whether it has the right to walk away from its development agreement with Torgan/Entredev if the project is not underway by.November: solicitor to ottline alternatives. Her request was prompted by a report m from Waterloo‘s Economic Development director Peter cFadden. _ The,memo is a response to Chronicle reports that the $48â€"million comihercial/retail complex is up to a year behind schedule. According commercial/retail complex is up to a year behind schedule. According to the McFadden, Torgan is having ‘ifficulty finding a multiâ€"screen theatre tenant. 1eatre tenant. j & s a According to the memo from McFadden "the developer may be wroad \Rallins tha invaluanmikkt af mallt taonante in ant Â¥ha‘likn " -Cm.'ifim&olstencrofl questioned the defays by Torgan after Ith | " said Coun. Mary Jane Mewhinney. "While this isongoing, e should still give an indication we‘re supportive of a quality T:lobs e103) 0 ‘and shoppers, he said. â€" â€" \‘The size of this project and the nature of the markét here wouldn‘t atttract many class A developers, especially when we have Waterloo ‘Town Square across the street." the Torontoâ€"based development firm had pressured council to quickly approve its proposal after the municipal election of last November. "The thing I feel offended about is we were put to the wall very early in this council‘s life by the developer. " I want to get on with the parking structure, whether it‘s there or someplace else." ~ Meanwhile, the city has halted design work for the $7 to $8 million parking structure to be built adjacent to the Torgan complex. Signing up major tenants in advance is vital before demolition and construction can take place, he said. A project such as this would ‘‘The ball‘s in their court," said Mayor Brian Turnbull in an interview. "At what point is the ball going to be returned, or do we assume it‘s not going to be returned?" McFadden said later changing economic conditions have led to Torgan experiencing problems in attracting major tenants. ‘"‘This is not unusual when you look at core area development," said McFadden. "You start with a guesstimate of what will work on site and what works in a given market." Li require highly leveraged financing, and some assurances are Ininabonia thAF iha muatont amusld ln a arnmanen necessary that the project would be a success. . Torgan/Entredev isâ€"committed to a quality, visually attractive development, said McFadden. It would be blended into the streetscape and have a pléasant appearance â€" a necessity in attracting tenants buyer, buyer, he said. 'fiu'ubdlnidthree decisions will have to be made soon related to the project and Uptown parking. The legal opinion of options available to council should be ready by the August 28 meeting of If the project does not proceed, "a whole range of things could happen" including the land being divided up between more than one council, he said. % Lo / L 3 3 4 o ‘ ®: » oit + p * "‘.:”4_ jyconiile cA wl 2 a .tz ats us 2 0 % O ~BP > 5 s q 4 > | e a ; : & [ * Shad C momogpd e C %4 i e : j * e 2@ * P erloo. Onta Advertising supplements deâ€" livered with tonight‘s Waterâ€" loo Chronicle: Schnarr Realâ€" ty*. *Selected areas only. FILLIPS ;. cjefofel MILA..MAYBE WELL.L WE SHOULDN‘T SUpPoSE I BEuUsincg _ CALDGET Gor‘t PLanes MY HAIR FOR 50 DONE IN MUCH... OTTAWA FROM ; k now on. 5 4 _