223 Security For Common Facilities

223 (1) If common facilities are to be constructed in a phase other than the first phase, or constructed on a separate parcel, an approving officer may only approve the Phased Strata Plan Declaration if the owner developer

• (a) posts a bond, an irrevocable letter of credit or other security in an amount that, in the opinion of the approving officer, is sufficient to cover the full cost of constructing the common facility, including the cost of the land, or
• (b) makes other arrangements, satisfactory to the approving officer, to ensure the completion of the common facility.

• (2) The bond, irrevocable letter of credit or other security required under subsection (1)(a) must be drawn in favour of, and must be held by,

• (a) the municipality in which the land is located,
• (b) the regional district in which the land is located if the land is not located in a municipality and is neither Nisga’a Lands nor treaty lands of a treaty first nation,
• (c) the Nisga’a Village if the land is located within Nisga’a Village Lands,
• (d) the Nisga’a Nation if the land is Nisga’a Lands other than Nisga’a Village Lands, or
• (e) the treaty first nation if the land is located within the treaty lands of that treaty first nation.

• (3) If the owner developer complies with subsections (1) and (2), the approving officer may not require any further security for common facilities as a condition for approving the declaration.

1998-43-223, effective July 1, 2000 (B.C. Reg. 43/2000); 2002-22-13, effective June 21, 2002 (B.C. Reg. 149/2002); 2007-36-167, effective April 3, 2009 (B.C. Reg. 55/2009).