(Living Sky/Condo)

By Susan McNeil

Interest rate dilemma

Living Sky owners ask for late payment penalty forgiveness

Dec 2, 2024 | 5:31 PM

The British Columbia based company that owns the Living Sky Condo building at 1501 15 Street East has asked Prince Albert city council to waive a late payment penalty.

In its letter, the company said it paid one penalty but had a delay while securing the funding and so incurred a second penalty. They would like the second one forgiven.

“This is the first time we have ever been late with a payment. We have maintained an excellent record of timely payments in the past, and this isolated incident does not reflect our usual diligence in meeting our financial obligations. We kindly request leniency for this first-time offence,” wrote Sandeep Ahuka, director of 1020773916 Sask. Ltd.

While the company is registered in Saskatchewan, its mailing address is in Surrey B.C.

Ahuka said they ran into temporary issues “resulting from a sharp increase in interest rates and significant operational expenses associated with our rental building.”

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He said they have already taken steps to make sure they do not get caught in the same situation again, including automating their payment processes.

The matter was in front of city council for their December 2 executive meeting but no discussion happened as no councillor opted to pull the item out of the consent agenda.

Any councillor can ask to have an item pulled out of the agenda at the beginning of the meeting. If they do, they can make remarks, or other councillors can also weigh in before a motion is passed.

In this case, the staff recommendation was to send the item to the Financial Services committee which will make recommendations after further investigation.

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susan.mcneil@pattisonmedia.com