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He is also proposing to build two, or possibly three, 1,500 square-foot cottages that would be for employee use.
He says his proposal is very generous.
The sale of the land was based on three zoning changes.
The three lots on the lower property would be zoned for single family resident housing. The portion of land in the middle, for conservation, would be zoned for Leisure Park, and the lot next to Kadenwood would be zoned for residential tourist accommodation.
The sale collapsed after delays to get these zoning changes through council.
Now the donation to the Housing Reserve Fund will hinge on a new land sale.
"They really have lost out on a big donation," said Bunbury.
"We dont know what well be able to sell the place for. It all depends on the market now."
Speaking of the long application process, Bunbury said he is frustrated and tired.
"Its been a really stressful time for our family," he said.
"There has to be a better process for people that are like ourselves, or anything dealing with your land and your life. You dont get a say in it."
Bunbury added that he would like to stay on the land where he has been living for the past 30 years but he just cant afford to do so any longer.
For more than 25 years Bunburys land, which still has the three original ski cabins, has been legally non-conforming.
Bunbury bought the land from the province in 1972 after he met all the necessary requirements to purchase it, namely building the three cabins and then installing independent water, power and sewage systems.
But in 1976 the municipality downzoned the lands to RR1 zoning and then said that the RR1 zone only allowed for one home on the 10-acre property.
At Mondays public hearing his daughter-in-law, Vicky Bunbury, spoke about how the family used to park in Creekside on the winter weekends and trudge up the mountain in hip-deep snow laden with their food for the weekend.
"It is time to put this rezoning to rest," she said.
Also at the pubic hearing, Bruce Watt told council that as a young liftie years ago Bunbury offered him a place to stay in one of his cabins for $50 a month. He ended up staying there for four years.