The Dryden Observer

Your Source for Dryden News

Group dusts off life-lease project

Chris Marchand

Chris Marchand served as editor of the Dryden Observer from August 2009 to April 2018.

By Chris Marchand

They say you can’t keep a good idea down.

A group of local residents are charting a new approach towards making a senior’s life lease building project a reality in Dryden.

Once known as Pine Ridge Terrace, the 37-unit building project faded from prominence in 2008 following a significant investment of effort after an unsuccessful pitch to obtain about $2.8 million in bridge financing from the City of Dryden.

The financing idea was designed to allow construction to commence by temporarily covering the deposits on unsold units until such time as interested occupants could sell their homes and commit their own funds to the project.

The prospect of the city becoming directly financially involved in the project generated a measure of controversy and several councillors of the day deemed the plan too risky a venture for the city to engage in before making other supportive, though ultimately less helpful ‘in-kind’ overtures to the project.

Seven years later, the will to resurrect the life lease plan emerged from the Dryden Rotary Club, says Sandra Boyko who chairs the new group leading the charge.

“We met to see if there was still interest and there is an overwhelming amount of interest to still go ahead with this senior’s housing,” said Boyko.

While the city is in even less of a position to help now than it was in 2008, it does stand to benefit from the realization of the project with a potential land sale previously valued at $300,000 as well as a $60,000 annually in tax revenues — a number that would surely be higher since 2008.

Boyko says the group is taking great care to consider how the plan is presented to the community and potential participants.

“The prior group had done a lot of great work, so we’re using a lot of that again,” said Boyko. “We’re still in our infant stages. We’ll have a meeting with the credit union next week and after we have some actual numbers in place, we’ll probably have an open meeting to the public.”

Boyko says she would hope to see a public meeting scheduled before the end of June.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.