Cochrane town council has extended the closing date of the Old Town Hall Site agreement to August 31, 2018 and has increased the nonrefundable deposits due to December 31, 2017 after Madlee Developments Ltd. sought a time extension.

On Apr. 10, council approved the extension for Madlee following a brief incamera session, but not by the full year recommended by administration.

"We didn't agree to one year," says Mayor Ivan Brooker. "We agreed to August 31 and we increased the nonrefundable deposits to make sure there was a little more skin in the game," says Mayor Ivan Brooker.

"All of council did have an appreciate that we did get a good valuation for the land just prior to when the market crash hit. We thought that eight months was not unreasonable with an added security deposit."

The August 31 deadline would also allow for work to begin before winter and get the development underway sooner than a year-end deadline.

Should the terms not be met the rights to the land would revert back to the town, says Brooker.

Madlee Developments president Kent Hystad explained to council his company is having difficulties in attracting anchor tenants, blaming the change in the economy, but is still confident in the project. The company is also working through the conditions of the agreement, including the environmental assessment, consolidating the parcels into a single title and identifying any encumbrances on the site.

While the original proposal was filed by La Vita Land Incorporated, that company exercised its right to transfer the development to a third party, Madlee Developments Ltd.,after the development was awarded.

In February 2016, town council awarded La Vita Land the right to develop the old town hall. Three other designs were also viewed by town council before the decision was announced. This agreement calls for a total payment of $2.7 million for the land, 

In the meantime, the town is working with Madlee Developments to ensure removal of an old sign post and the town's facilities maintenance crew is taking steps to mitigate future graffiti being placed on the vacant building left onsite that was previously occupied by KFC.

The town is also in discussions to allow the areas temporary use the site for a park and ride hub for summer pilot of the “On-It” regional bus service of the Calgary Regional Partnership. An onslaught of traffic is anticipated to the Banff National Park due to the free national park entry instituted for 2017 in conjunction with Canada 150 celebrations. A regional bus service to Banff is seen as one way to help reduce traffic congestion during the peak vacation months.