Details of a deal reached between PenEquity and the Upper Thames River Conservation Authority (UTRCA) for a south London development were revealed Thursday.
The information was presented at an Ontario Municipal Board hearing being held over environmental concerns about the $300-million commercial development along Wellington Road south of Highway 401.
According the the settlement, the wetland will be moved to the far southwest corner of the property and reduced from about five hectares to two hectares.
The relocation will cost around $490,000 - which will be covered by PenEquity - but the land will then be placed in the care of the UTRCA.
Part of the cost will include improving the area around, and downstream from, Dingman Creek.
An ecologist testified at the hearing that not only will the wetland be re-created, but it will be better than what is currently there.
At present, the wetland is cut-off from the rest of the natural woodland, but the relocation will make it part of the forest. Efforts will also be made to ensure invasive species do not move in.
PenEquity would like construction on the new project to begin as soon as possible, but must first resolve issues raised by the nearby Costco location about traffic congestion.
Both sides on that issue are reportedly optimistic an agreement can be reached.
