Cranbrook City Council has approved the release of covenant on former Tembec Lands following foreclosure proceedings during their regular meeting on Monday (Oct. 5).
City staff have been working with Colliers as part of the court ordered sale of 1479 Theatre Road as part of foreclosure proceedings between the City of Cranbrook and Peak Cranbrook Properties Ltd.
The BC Supreme Court ordered the sale to 1271410 B.C. Ltd. on Aug.6. 1271410 B.C. Ltd. has since requested the City release covenant F17923 in favor of the City from the property title.
This covenant was registered on title Dec. 29, 1972, and provides restrictions that would now be governed by the City’s zoning bylaw (setbacks, building heights, etc.) and an outdated right of first refusal.
The City originally obtained the land from the province by way of a crown grant Dec. 8, 1971, with a number of conditions outlined in the crown grant.
Staff say they would like to ensure that the City is not taking on a risk about the original crown grant conditions.
If Council votes in favor of staff’s recommendation, staff will forward the documents to the City’s lawyer for review and if no concerns are present, prepare the release forms for execution and submission to the land title office.
If there are concerns raised by the City’s lawyer, staff will bring the concerns back to Council for consideration.
To read the report, click here.
Comments