$200M Saskatoon development decision looms

A Monday deadline looms for a Calgary development company to show officials with the City of Saskatoon it has the cash to go forward with a major riverbank development.

Lake PlacidDevelopmentshas until 5 p.m. CST to show Mayor Don Atchison proof it can foot the $200-million bill for the hotel, condominium and commercialcomplex.

The development, dubbed the River Landing Village, would be located on the southern edge of downtown near the Remai Arts Centre on a plot of land known in the city as Parcel Y.

It has been estimated that Lake Placid must show it has at least $50 million of financing in place to complete the project's first phase.

Atchison will hold a news conference Monday to reveal whether the company has satisfied the city it has the financing to go ahead with the development.

The Nov. 1 deadline was set after an earlier Lake Placid deal to build the complex on the prime riverfront land fell apart more than a year ago.

While the city gave the company another chance, Atchison said recentlyhe's taking a "wait and see" approach to the plan.