All of the River Run properties were put on hold until a later date (I am told March/April) don't know why maybe there is a deal cooking on these properties?
Thursday, September 20, 2012
Bridgecreek Properties Tax Sale in the Crowsnest Pass
Tuesday Night at the Council meeting a number of tax sales were approved by Council for October 24th 11am at the municipal office. Amongst those were the Crowsnest Lake site with a reserve bid of $1,908,260 and the Discovery Centre in Blairmore with a reserve bid of $394,320.
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11 comments:
Who is going to pay those prices for those properties? Anybody familiar at all with the area knows that is nuts.
B.H.
Dean, If no one comes up with the money for these properties do they revert back to the municapality? Why wouldnt the bridgecreek investors pay the tax owing on these, it has to be a whole lot lower.Maybe there are to many liens and caveats to make it possible.About the RR properties,it says on the advice of the municapalities lawyer not to do a tax sale.Does anybody out there know what is going on? What a mess!!
Anon 2:20
You could look at the MUNICIPAL GOVERNMENT ACT, sections 411 to 428.
So what are the investors to do?? They cannot pay the taxes (even if they wanted to) becuse they are not the owners on title. The owner is a Company formed by a group of people who it has been proven are frauds, financial predators, who ripped off hundreds of people for everything they own. Do you really think a financial fraudster is going to pay on backtaxes?? Who loses? People who have lost their nest egg? Come on people.
Not part of BC, but I googled 1944EZ (reserve bid $3200) and found:
THE ALBERTA GAZETTE, PART I, JANUARY 15, 2000
_________________________________________
INFRASTRUCTURE
SALE OR DISPOSITION OF LAND
(Government Organization Act)
Name of Purchaser: Michele and Gene Bannick
Consideration: $5,000.
Land Description: Plan 1944EZ Nuisance Ground (SW 1/4 9-8-4-W5th)
containing 2.0 acres more or less, excepting thereout all mines and
minerals, located in the Municipality of Crowsnest Pass.
Plan 1944EZ, Nuisance Ground (Ptn. Block B, on Plan Coleman 3387AE)
containing 0.121 of a hectare (0.3 of an acre) more or less, excepting
thereout all mines and minerals, located in the Municipality of Crowsnest
Pass.
_______________________________________
That would be in Bushtown at the South end of 85 St.
In the Council minutes under "CONDITIONS" there are clauses like:
"Buyer Assumes all costs
related to registering an
environmental easement to
secure the integrity of the
land and adjacent waterway
before title will transfer."
The government has provided TAX RECOVERY-A GUIDE FOR ALBERTA
MUNICIPALITIES which says:
"In addition to the reserve bid the council must also establish any terms and conditions that apply to the sale.
For example, the council may require full payment for the parcel by cash or certified cheque or the council may allow partial payment on the day of the auction with full payment to be made within 30 or 60 days following the auction."
This does not seem to include the kind of "CONDITIONS" mentioned above.
The MGA says:
Right to a clear title
423(1) A person who purchases a parcel of land at a public auction acquires the land free of all encumbrances, except
(a) encumbrances arising from claims of the Crown in right of Canada,
(b) irrigation or drainage debentures,
(c) caveats referred to in section 39(12) of the Condominium Property Act,
(d) registered easements and instruments registered pursuant to section 69 of the Land Titles Act,
(e) right of entry orders as defined in the Surface Rights Act registered under the Land Titles Act,
(f) a notice of lien filed pursuant to section 38 of the Rural Utilities Act,
(g) a notice of lien filed pursuant to section 20 of the Rural Electrification Loan Act, and
(h) liens registered pursuant to section 21 of the Rural Electrification Long‑term Financing Act.
(2) A parcel of land is sold at a public auction when the person who is acting as the auctioneer declares the parcel sold.
(section 69 refers to utility right of ways)
I suspect that Council/Administration whomped up conditions on the BC properties that were not allowed under the MGA, and then got a "whoa" from legal counsel. Better late than never.
The Mayor was yapping of on the radio this morning that the town is going to take those properties back in the Spring. Then sell them as one property. That I would imagine leave the investors with nothing.
The property owner or mortgage holder is entitled to any money remaining after tax arrears and specified expenses are paid. (MGA 427)
The whole point of the advertised auction is to ensure that fair market value is received.
Arbitrarily imposing expensive conditions on the purchaser will obviously reduce what people are willing to bid.
Is that legal? We don't need any more lawsuits.
But why would they wait for spring?The only thing I can think of is that they wish to auction off the whole peice as one property and have so many conditions that no one will buy it.I am guessing that to do this there would be some legal hoops to jump through.If they auctioned off these lots seperatly,I think a certain percentage would be purchased and the others would not be purchased. If this happened the land would sit in limbo for a long time.I agree with the municapality that they must get the whole peice of land, otherwise it will never be developed.
As for the investors I am sorry but what could possibly have been done. It has been years since the bridgecreek collapse, it is time to move on.Or are you planning on bringing in services and building showhomes?
That land must have sat vacant for twenty years before Bridgecreek purchased it.
Does anybody understand the legalities with the various investment groups what rights do they have if any?
Thanks
Mike
Thinkiing more about the "CONDITIONS" mentioned above:
"Buyer Assumes all costs related to registering an environmental easement to secure the integrity of the land and adjacent waterway before title will transfer."
Normally if the municipality wants an easement is has to negotiate with the landowner or go through the Expropriation Act which provides for fair compensation through an appeal process.
Remember, this is not municipally owned land, it it private property. The municipality has a legal obligation to get fair market value for the property and return the remainder after arrears are paid to the owner.
Here they seem to be trying to confiscate part of the property without compensation.
(And, is it even possible for the purchaser to register an easement BEFORE transfer?)
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