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

[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.

 

[Yeggy]

^ I should add that this is why a bank/mortgage company often/used to prefer they pay your property taxes and add the monthly cost ontop of your mortgage payment.

 

[Yeggy]

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.

I would have to think that plot of land is easily worth the value of demo and associated costs given location and zoning, but you may be correct.

 

[Greenspace]

Thanks for the clarification.

 

[Gronk!]

Is there any activity during daytime hours? It looks like they're prepping for demolition.

 

[Gronk!]

Yes there is activity but this was taken near the end of the day.

 

[Gronk!]

Still waiting...

 

[IanO]

Abatement and remediation is a process; at least it looks like it is underway.

 

[IanO]

Workers STILL on site. Any word on if/when this one is proceeding?

 

[Gronk!]

I'm really hoping that Dwayne's Home will be demolished sometime this decade.

 

[Gronk!]

Still waiting for that demolition. What's taking them so long???