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River Run land goes to auction
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Vol. 1 Issue 37
Swimmers compete in the 25m freestyle on July 12 during the annual swim meet hosted by the Pass Piranhas. One hundred and fifty two swimmers competed from eight teams in Southern Alberta including Taber, Lethbridge, Fort Macleod, Nanton, Pincher Creek, Claresholm, Brooks and Crowsnest Pass. Having one of their best results this season, the Pass Piranhas came in second place while the Lethbridge Orcas went home with first place. Organizers said the annual swim meet has been taking place for over 35 years. Photo by J. MacFarlane
r e h c n i P Creek
It’s been a long and winding road, but Crowsnest Pass residents may see some financial recovery of the failed River Run development – or at least move a step towards closure on its troubled legacy. On June 3, council voted to establish reserve bid values for 280 lots on 52-acres parallel to Highway 3 in Blairmore. According to the Municipal Government Act, when property taxes are in default for over three years, a municipality may sell the property at auction for an established price. Chief Administrative Officer Sheldon Steinke told the Crowsnest Pass Free Press that because all 280 parcels were held by a separate title, they must be listed and auctioned separately. In addition, the municipality will include a declaration to potential bidders identifying certain issues regarding the land. Buyers, he said, need to know that the land is not serviced, there are no utilities, there is no road access, and the land may be environmentally compromised. Buyers will have to sign an acknowledgement that they understand these issues. Municipal Assessor Glen Snelgrove said an appraisal was done in 2013 that valued the land at $20/acre. Because the land must be sold as separate parcels, the value had to be translated and applied to the square footage of each property. This equals 47.5 cents per square foot. In the event properties are not purchased at the auction, according to the Municipal Government Act, the municipality has 15 years in which to buy it at the established price. At that time, any monies owing to the federal and provincial governments must be paid before the municipality recovers any taxes. In 2005, Bridgecreek Development Corp. paid $1.8 million for the 52-acre property and called it River Run as part of an ambitious housing project. The land was rezoned and nearly 300 lots were sold to investors from as far away as the Netherlands. Eventually, Bridgecreek defaulted on its interest payments to investors and since then, the land has been involved in lengthy litigations with investors, creditors and government agencies. The public auction is scheduled for the first week in October.
purchase a sofa and chair, receive a coffee table for
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valid at pincher creek location only. see store for details. cannot be combined with other promotions. expires July 31, 2014
david tetachuk Owner
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cheri Bobyk sales associate
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