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PORT PERRY STAR -- Tuesday, Sept. 18, 1984 -- 11 Region cashes in letter of credit Durham Region is earning a cool $800 per day in interest after cashing a letter of credit worth $2.1 million over the ill-fated Brooklin development scheme. However, the windfall may not last too long, as the development com- Region and First City Development, worked out an agreement for some 600 acres of land around Brooklin to be turned into residential subdivisions. Included in that agreement were two letters of credit which the Region would cash if the development company backed out and began selling the land. . For several reasons, including the death of wealthy Calgary indust- rialist Max Tannen- baum, the Brooklin development plan went down the drain, and on August 24, about half the 600 acres were returned to the original owners through foreclosure. According to Mr. Herrema, who stumbled on this information accidently while cam- paigning for the federal election in Brooklin, this was the key for the Region to cash the letter of credit. The original agree- ment between the Region and the develop- ers noted that the $2.1 million would be used to put in water and sewer lines for the new development and also for up-grading the ser- vices in the existing part of Brooklin. Mr. Herrema said the decision to cash the letter of credit had to be made quickly on Sept- ember 5 because law- yers for the develop- ment company were threatening a court in- junction to stop the Region from cashing the letter. One of the Oshawa regional councillors most upset with the (Turn to page 12) pany almost certainly will take the Region to court to have some or all of the money returned. Just how and why Durham cashed the letter ot credit was made public by Region- al chairman Gary Herr- ema during and follow- ing a stormy session of Durham council on September 12. During the meeting, several members of council from Oshawa expressed outrage that the council's manage- ment committee had 3 authorized the cashing of the letter of credit on September 5 without authorization from the full council. However, Mr. Herr- ema, Durham Chief f administrative officer Donald Evans, Regional solicitor S.K. Jain and councillor Al McPhail, chairman of the man- agement committee, all defended the actions, stating it was necessary "'to protect the Region', and give the Region a strong negotiating pos- ition when it comes to future dealings with the development company. "It was feared that if we did not act (on September 5) getting the letters of credit could become very diff- icult," Mr. Evans told the council meeting. Four years ago, the Money was not ee A ere E BRING YOUR CAR - TRUCK - TRAILER FOR OUR ANNUAL zi CARRY! PICK-UP SALE! Plus Rebates from RCA "vooes: MODELS! Vv' CHECK THIS FOR VALUE! 48-cm (20") FKRA455 Premium performance at a ys zee moderate price. Channelock keyboard control tuning lets you select channels by direct address. i I ., Other deluxe features include automatic colour ; : control, automatic fleshtone correction and auto- matic contrast/colour tracking. 12.7-cm (5") oval speaker. FULL 3 YR. WARRANTY INCLUDED 548. | Other 20" Models from $488. wr Lc TT RL PES ne fPIC dal wa iY. = hy ] {HH REA TOP OF THE LINE : ds The ultimate in a new for '85 T.V. - Digital command centre tay nea remote control - Broadcast Stereo Sound - Detail Processor Pl Rr = -- wa A i) ! Screen Display Channel and Time - Automatic Picture & Light LR by Video Monitor Capability - Multi-band Cable Tuning - On - Sensor - In a Beautiful Wood Console with Door PLUS a - Special Place for your VCR as illustrated. Bl IIS Sniemi SAVE BIG $$$$ ON THIS MODEL 1 ' Na abner -- ren= YCR's NOW ON SALE! .>969% stolen A brief story in the September 11 issue of the Port Perry Star said Durham Police were investigating an incident of missing cash from the Beckers Store on Highway 7A in Port Perry. As it turned out there was no theft involved in 26" COLORTRAK 2000 with Digital Command Centre Remote 6 Connection Monitor Panel - 110° Super Acco Filter Picture Tube - Multibeam Cable Tuning and much, much more! BUILT TO SELL FOR $1,519.95 =31198. this incident, but rather price a bank error in counting heey 5) money that had been wireless infrared OTHER 26" MODELS deposited. x remote control FROM $758. The police investi- gation is closed and there are no charges laid. Opposed to homes (From page 3) the lake side of the road has been purchased for a drainage course. He said all the 11 lots would be in excess of 30,000 square feet with front- ages ranging from 85 to 100 feet. A council decision on the re-zoning is expect- ed in the next few weeks. VCR