The Resort Municipality of Whistler (RMOW) has voted to extend a $1-million repayment deadline for the Whistler Development Corporation (WDC) to ease near-term cash pressure while it awaits an external financing partner for the second phase of construction on Lot 3 in Cheakamus Crossing.
Staff also received direction during the same Sept. 2 council meeting that, if additional financing is delayed, they should return immediately with options to avoid a potential stop-work order.
Chief financial officer Carlee Price told council the decision to extend the repayment period to Jan. 31, 2026 was to buy time while waiting for outside financing. Based on the funding timeline for Lot 5, September marks a potential turning point for Lot 3.
“If September is indeed when the external financing is identified, then all is well with this project and the amount of required funding to keep it moving tips down from there,” Price explained to council. “If, however, this is not the case, the situation becomes quite different.”
As previously reported, Lot 3’s financing picture has proved murkier than Lot 5’s. The WDC has been covering the upfront costs of construction in the absence of external financing, approaching its borrowing limits.
Staff laid out three scenarios: if external financing is confirmed this month, Lot 3 can proceed without further intervention from the RMOW. If external financing is delayed, the WDC could face a $5-million- to $6-million shortfall. The worst-case scenario—no financing identified this year—could leave the RMOW on the hook for the project’s nearly $60-million cost. A staff report noted that outcome’s likelihood was “low but not zero risk.”
Councillors pressed Price on what would happen if funding fails to materialize.
Councillor Jeff Murl questioned whether there were “steps in between” before the RMOW would ever take on full financing. Chief administrative officer Ginny Cullen explained that if funding doesn’t arrive in September, staff would return “almost immediately” with options, including a possible stop-work order. Mayor Jack Crompton echoed that stopping construction would be the most likely course in that scenario.
Other councillors reflected on the municipality’s broader approach to financing housing. Coun. Ralph Forsyth noted the WDC was pushed to accelerate construction, and is building faster than financing can sometimes be secured.
“They’re building [faster] than the people who are going to give us the money can get us the money,” he said, arguing Whistler should not rule out returning to a self-financing model.
Alongside the repayment extension, the RMOW also approved a $5.9-million equity contribution to support the project, contingent on at least $6 million in external grant funding being secured. Crompton closed the issue by thanking staff for contingency planning.
“I think the [repayment] extension makes a lot of sense. It helps us get to that point where we hope we find a funding partner,” he said. “I’m confident we will find ways to fund this and future projects.”
Rezoning for Whistler Sport Legacies housing project
Alongside decisions on Lot 3 financing, Whistler's mayor and council also approved a rezoning bylaw on Sept. 2 that will allow Whistler Sport Legacies (WSL) to move ahead with a 110-unit workforce housing development in Cheakamus Crossing.
The project—slated for a new parcel created from portions of two legacy Olympic lands at 1080 Legacy Way and 1315 Cloudburst Drive—will deliver a mix of studios, one-, two- and three-bedroom apartments. Plans also include auxiliary community space and two levels of parking, one fully underground.
Presenting the report, municipal planner Tracy Napier said the rezoning amendments were needed to permit the proposed density, height and setbacks, as well as to reduce on-site parking requirements. The six-storey structure will stand next to the High Performance Centre.
Council heard the building will be designed to Step Code 4 energy efficiency standards and include green features, including EV charging stalls, energy recovery ventilators and 120V outlets for e-bike charging throughout the parking area.
“This provides a substantial benefit to the community,” Napier noted, citing consistency with Whistler’s Official Community Plan and employee housing policies.
