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Yikes – we’re broke.

Insurance company tells city to take a hike,

Decides not to honour the bond city bought.

By Pepper Parr

BURLINGTON, ON  February 8, 2011  – Well we knew the meeting was not going to have any good news.  Now we know how bad the news is and the Mayor deserves credit for telling his constituents what is happening.  The next question is – now what?

And, to do that, the members of Council will go behind closed doors and jabber amongst themselves and city hall staff – looking at the options and determining what the next step could be or should be.

The city’s press release said:  The City of Burlington received notice on Feb. 7 from Zurich Insurance Co., the bonding company for the contractor originally hired to build the Brant Street Pier, that Zurich has denied Burlington’s claim under the bond to help complete the long-delayed project.

That’s a tough one.  The city surely thought when the bond was put in place they were covered.  Turns out they aren’t covered.  No details on why the claim was denied.  All that “might” come out at the Council meeting which will follow the committee meeting.

Give Mayor Goldring credit for getting the news out as soon as he got it.  Keep up the good habit Your Worship.

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