Just click on the Final report of the Mayor's Task Force, June 20 2011
Note: I will share my comments soon.
11 comments:
Chloe
said...
Dean, I wasn't aware that the River Run/Bridgecreek investors have been bought out or had forfeited the property. Why would the Task Force even be considering redevelopment if the Municipality doesn't have ownership?
If council and the CAO are planning to “re-appropriate” (re-claim) the river run land, they had better be prepared to reach deep inside the municipality coffers. Alot of investors lost their futures, retirement, homes, etc in this fiasco and financial crime. I’m sure they will not give the land back freely. Please do not re-victimize these people by taking what they have left away from them without paying them out.
In my mind the only way the land could be forfeited is if taxes are in arrears for three years.
Lets face it legally if you own a piece of land nobody can force you to do anything with it. Unless you don't pay your taxes or bank payments.
Assuming the land is offered up for a tax sale, who would bid on it, in the present state.
If the municipality took over the land, would the municipality incur any long term enviromental cleanups issues against that land?
If the municipality took that land over, and attempted to resell it to another developer, do you think there is a developer in Western Canada that would take on that land without the municipality maintaining all future liability?
Finally if the land went up for auction how much would somebody pay for it?
I really feel for the investors but if anybody buys that land under a tax sale my understanding is the municipality will be the first paid. (No expert by any means, would love to hear from somebody that as more legal knowledge on this issue than I do.)
The investors do not own the land. They have 1st mortgage on the land. (1st paid out) The owners owe the taxes. That would be Bridgecreek Development Corp. Do you really think the investors will give up the only thing they have left in this without a fight? It's going to cost some $$$$$ for everyone.
To anonymous 11:23 Just trying to undesrstand.Bridgecreek owns the land, but they are bankrupt.So now there is no one available to pay the taxes to the municapality.After 3 years there would be a tax sale.Someone now buys the property.Now what happens, do you all become partners? No one is going to buy that land and be partners with the investors including the municapality.I just can not figure out how this could possibly work. Can any one out there try and explain what the end game scenerios might be.
Not really sure. Your past (and now dead) mayor decided to jump in bed with the Bridgecreek frauds leaving the people left behind to deal with this. They put the town , and the investors in a position of great risk with their "sure thing" investment (see promotional video). My guess is that the lawyers on the investors side and the municipality side (at $500.00/hr) will be battling it out for years to come while the coal dust blows around. Taxes taxes
I think the best thing would be for the investors to try and work something out with the municapality.99% of the investors problem is with Bridgecreek not the town. "sure thing" investments are GICs not something that promises 10 -16 % returns. I am sorry for the investors that they got scammed but this is not the municapalities fault.Any investor that did their due diligence would have quickly found out this was over hyped.Bridgecreek stated the land they bought for a million or 2 was all of sudden worth 60 million so you have no risk.And today honestly I doubt that land is worth a million, unserviced, no access, and environmental issues.Once again I do feel sorry for the investors but a lenghty court battle over a small amount of money does not make sense either.
ya hindsight is certainly 20-20..I will never get scammed again thats for sure. And as a matter of fact, because of these fine human beings who pulled off this scam (including your dead mayor...), I do not trust anyone, now on medication, and have a terrible family life (used to be so happy though), anxiety and stress issues..Yep, its a great life I have now. I understand its not the people of the CNP's fault, but It is certain that a few of your high profile people were involved in some way. (Gary Tage, John Irwin to name a couple).. As for due diligence and land values..Oh these people had that covered too. Bogus land appraisals, smiling salesmen asking about your wife and kids..so concerned..talking about the security of the investment because the "land is valued at the same as the money being raised"...promotional videos with Crowsnest mayors and environmentalists talking about what a great project this will be. They even fooled my financial advisor who gave me the go ahead for this. Do i feel fooled and a bit stupid? yes..will I give up the little bit I have left in life freely? NO WAY!
11 comments:
Dean, I wasn't aware that the River Run/Bridgecreek investors have been bought out or had forfeited the property. Why would the Task Force even be considering redevelopment if the Municipality doesn't have ownership?
I sent this to Brian Gallants blog today:
If council and the CAO are planning to “re-appropriate” (re-claim) the river run land, they had better be prepared to reach deep inside the municipality coffers. Alot of investors lost their futures, retirement, homes, etc in this fiasco and financial crime. I’m sure they will not give the land back freely. Please do not re-victimize these people by taking what they have left away from them without paying them out.
In my mind the only way the land could be forfeited is if taxes are in arrears for three years.
Lets face it legally if you own a piece of land nobody can force you to do anything with it. Unless you don't pay your taxes or bank payments.
Assuming the land is offered up for a tax sale, who would bid on it, in the present state.
If the municipality took over the land, would the municipality incur any long term enviromental cleanups issues against that land?
If the municipality took that land over, and attempted to resell it to another developer, do you think there is a developer in Western Canada that would take on that land without the municipality maintaining all future liability?
Finally if the land went up for auction how much would somebody pay for it?
I really feel for the investors but if anybody buys that land under a tax sale my understanding is the municipality will be the first paid.
(No expert by any means, would love to hear from somebody that as more legal knowledge on this issue than I do.)
The investors do not own the land. They have 1st mortgage on the land. (1st paid out) The owners owe the taxes. That would be Bridgecreek Development Corp.
Do you really think the investors will give up the only thing they have left in this without a fight?
It's going to cost some $$$$$ for everyone.
Hopefully the River Run property can be reclaimed by somebody.
The way it sits now is embarassing to our community.
The land would make a nice campground and park area.
To anonymous 11:23
Just trying to undesrstand.Bridgecreek owns the land, but they are bankrupt.So now there is no one available to pay the taxes to the municapality.After 3 years there would be a tax sale.Someone now buys the property.Now what happens, do you all become partners?
No one is going to buy that land and be partners with the investors including the municapality.I just can not figure out how this could possibly work.
Can any one out there try and explain what the end game scenerios might be.
Not really sure. Your past (and now dead) mayor decided to jump in bed with the Bridgecreek frauds leaving the people left behind to deal with this. They put the town , and the investors in a position of great risk with their "sure thing" investment (see promotional video).
My guess is that the lawyers on the investors side and the municipality side (at $500.00/hr) will be battling it out for years to come while the coal dust blows around. Taxes taxes
I think the best thing would be for the investors to try and work something out with the municapality.99% of the investors problem is with Bridgecreek not the town.
"sure thing" investments are GICs not something that promises 10 -16 % returns.
I am sorry for the investors that they got scammed but this is not the municapalities fault.Any investor that did their due diligence would have quickly found out this was over hyped.Bridgecreek stated the land they bought for a million or 2 was all of sudden worth 60 million so you have no risk.And today honestly I doubt that land is worth a million, unserviced, no access, and environmental issues.Once again I do feel sorry for the investors but a lenghty court battle over a small amount of money does not make sense either.
ya hindsight is certainly 20-20..I will never get scammed again thats for sure. And as a matter of fact, because of these fine human beings who pulled off this scam (including your dead mayor...), I do not trust anyone, now on medication, and have a terrible family life (used to be so happy though), anxiety and stress issues..Yep, its a great life I have now.
I understand its not the people of the CNP's fault, but It is certain that a few of your high profile people were involved in some way. (Gary Tage, John Irwin to name a couple)..
As for due diligence and land values..Oh these people had that covered too. Bogus land appraisals, smiling salesmen asking about your wife and kids..so concerned..talking about the security of the investment because the "land is valued at the same as the money being raised"...promotional videos with Crowsnest mayors and environmentalists talking about what a great project this will be.
They even fooled my financial advisor who gave me the go ahead for this.
Do i feel fooled and a bit stupid? yes..will I give up the little bit I have left in life freely? NO WAY!
I hope you can find a way to turn this around and enjoy your family life with or without money.Best of luck to you and yours.
Thank You very much...and for those who think this type of crime does not hurt the common citizen, you may take time to read this.
http://www.calgarysun.com/news/columnists/michael_platt/2009/09/16/10929666-sun.html
Do the right thing Crowsnest Pass. Get to the bottom of this.
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