The City of Langford is suing a Bear Mountain developer, alleging it failed to make agreed-upon payments for the extension of a parkway connecting the resort to the Trans-Canada Highway.
The city’s court filing says it made an agreement with Ecoasis Development LLP back in 2016 for the company to chip in a little over $3 million for the construction of the road.
Ecoasis paid a portion of the Bear Mountain Parkway cost through development cost charge credits, but disputed the outstanding balance.
This led to to a settlement agreement in February of last year in which the Ecoasis agreed to pay $1,886,353.84 in a payment plan over six years. This plan required an upfront payment of $90,000, followed by annual payments of $300,000.
If Ecoasis missed a payment, the agreement says the whole amount would become due immediately.
The first couple payments were made, but Ecoasis failed to make a $300,000 payment due by Dec. 31, 2023.
After sending an email notification to Ecoasis managing partner Dan Mathews and receiving no response, the city served a demand letter to the Ecoasis office on Feb. 8. After again receiving no response, the city filed a lawsuit in the B.C. Supreme Court on March 14.
The city is now seeking the full amount, plus interest and legal fees.
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Besides Bear Mountain, Ecoasis portfolio of developments includes Kadenwood in Whistler and Hualalai in Hawaii. Ecoasis previously owned Bear Mountain Resort, but sold it in July of 2019. It still owns the the golf and tennis operations and the developable lands.
This is not the first time Ecoasis has landed in court over missed payments, including a lawsuit in which Ecoasis is being sued by the company it partnered with to buy Bear Mountain.
The company did not respond to a request for comment by publication.
READ MORE: Two lawsuits filed against Bear Mountain property companies
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