Sedona Apartments | ?m | 9s | ProCura Real Estate | DIALOG

[scyeg]

Frustrating that a random developer can get away with ignoring their tax bill so easily.

Glad something is finally happening here though. I might be out there with a lawn chair and a case of beer when this dumpster fire finally gets knocked down

If the provincial government can do it, so can we!

Seriously though, are there no repercussions to this?! Other than a soured reputation, does nothing happen?

 

[northlands]

If the provincial government can do it, so can we!

Seriously though, are there no repercussions to this?! Other than a soured reputation, does nothing happen?

Tale old as corporate time--dump an unproductive asset on a shell company, enjoy a tax write off and being able to wash your hands of it completely while the public is stuck paying to clean up the mess. The oil and gas industry are pros at it (despite AERs best attempts).

 

[buildings]

Trying to recall the original name of this place. The very first night (1980) I came to Edmonton I stayed there...Green Briar?

 

[IanO]

Greenbrier Hotel.

 

[David A]

I am quite disappointed, I thought Procura while slow to develop was better than this.

I understand that developments do not always go ahead quickly for various reasons, but those that own the site are still responsible for its condition and to maintain and secure it.

 

[Yeggy]

Latest Info…

As per CBC reporting the City will now take down the property.

How did Procura come to own so much Edmonton property and how have we allowed them to be such poor stewards of these properties.

 

[David A]

My guess is George is getting old and slowing down even more.

 

[Edmcowboy11]

I think purhaps also a case of biting off more than you can chew. I think they should have focused on Century Park and downtown/109 and Jasper. Finish those projects completely and then move on.

 

[bodsbods9090]

I think purhaps also a case of biting off more than you can chew. I think they should have focused on Century Park and downtown/109 and Jasper. Finish those projects completely and then move on.

And they're selling all that land at Century Park too. It's like they are out of the game now.

 

[MacLac]

And they're selling all that land at Century Park too. It's like they are out of the game now.

CP is for sale - $40M I believe is the number. Funny, just went on their LinkedIn account - and they have 1 post since Christmas - sounds like they're shutting things down for sure.......

 

[SarcasticMarmot]

CP is for sale - $40M I believe is the number. Funny, just went on their LinkedIn account - and they have 1 post since Christmas - sounds like they're shutting things down for sure.......

The city should be allowed to expropriate some of that sale to cover the costs of taking over the Dwayne's Home. Sadly that's not how it works and we are on the hook. I hate when corporations get to dump their problems on the community.

 

[Yeggy]

The city should be allowed to expropriate some of that sale to cover the costs of taking over the Dwayne's Home. Sadly that's not how it works and we are on the hook. I hate when corporations get to dump their problems on the community.

The city will just sue.
There is already precedent set, the city isn't going to enter into a fight it wont win.

 

[Greenspace]

^I'm not sure about that. When you expropriate, the owner gets 'highest and best value' for the land per the MGA rules. Even if they have to collect back taxes, this actually might work out in Pro Cura's favour and cost taxpayers a few million.

I'm wondering if they (City) could take the existing 6 storey plans and better use of money would be to top it up with the Housing Accelerator money and build this as an affordable housing project.

 

[Yeggy]

^ The city wont expropriate… They will just force a sale.

So every cost the city has occurred as a result of failure to comply notices, and now its demolition, will result in a lien being placed on the property.

If a bank also has an interest in the property the bank will often pay out these unpaid expenses and, in turn, adjust the mortgage. If there is no bank to interject the city will force a sale, and will be paid from those proceeds. The balance, minus any other legal fees, will go to the property owner.

The city will never expropriate the property outright.

A very similar process to this is used against people who don’t pay their condo fees. There is established legal precedent and I know of no way to escape or prevent the process from occurring once its set into motion. Apart from paying your bills.

 

[SarcasticMarmot]

^ The city wont expropriate… They will just force a sale.

So every cost the city has occurred as a result of failure to comply notices, and now its demolition, will result in a lien being placed on the property.

If a bank also has an interest in the property the bank will often pay out these unpaid expenses and, in turn, adjust a mortgage. I there is no bank to interject the city will force a sale, and will be pid from those proceeds. The balance, minus any other fees, will go to the land holder.

The city will never expropriate the property outright.

A very similar process to this is used against people who don’t pay their condo fees. There is established legal precedent and I know of no way to escape or prevent the process from occurring once its set into motion. Apart from paying your bills.

My understanding is that the cost to secure, remediate, and demolish the Dwayne's Home site along with the unpaid taxes is greater than the expected value from the sale. Which is why IMO the City should (but I don't believe can) be able to recover the remaining balance from the sale of Procura's other sites. This is what I was referring to.