234 replies to this topic

[Sparky]

Nice work ressen That big sign was not there last Sunday. Have you got a close up of that?

[darlenet8]

Sorry Sparky - went up on August 21st prior to our media event on the 22nd. I've never posted an image before so let me figure that out...

[darlenet8]

ok, i am going to condense it all into 2 quick and easy questions that I would like answers to. I will state I have no desire to buy there, but I ask these questions for the benefit of other buyers.

1.) what is the depreciation of the property over the 99 year lease? back this up with complete data from other developments in similar situations. Don't state there is no depreciation for the first 50 years as you have in the past with no back up. I still say that buying a depreciating property for full retail value makes absolutely no sense and that is what Spirit Bay appears to be doing. Prove me wrong.

2.) what guarantees will the developer make that the area around the development, but still on the reserve will be neatly kept and properly maintained. The area looked like a garbage dump before and no one wants to buy there and be surrounded by junk minutes from their house. I suggest this should be a written guarantee from the developer perhaps with a buy back guarantee for the first xx years

I expect clear answers Darlenet8

I have answered these Concorde but let me take another shot:
1. The first answer is actually easy and any google search of "BC 99 year prepaid lease depreciation" will return several legal and real estate opinions the LEAST favourable being that no depreciation until after 50 years while most settle into the 70 year mark at which time some depreciation begins. Here is the link to the one that states no depreciation until year 50. The market conditions also influence this. http://www.rbs.ca/ne...und-Leases.html

I don't know how much more clearly I can state my answer to your second question than when I previously answered "there is no guarantee". Have you been there lately - as in the last few weeks as the Scianew prepares for Spirit Bay?? There is more work to do and right now they are focused on the horrific mess left behind by campers. Considerable clean-up has been done and again, for the record I will repeat, THERE ARE NO GUARANTEES as to how reserve lands are maintained. At Spirit Bay there will be an HOA that will govern the state of lands under the head lease. People will drive through the reserve to get to properties as they do all over the Island and BC.

[phx]

http://www.rbs.ca/ne...und-Leases.html

There are keen insights to be found in that document on careful reading.

[darlenet8]

There are keen insights to be found in that document on careful reading.

There are some good insights and when looking at any discussion involving leasehold lands in BC it is important to make sure you are taking into consideration:

- is the discussion regarding a 99 year lease term and is that lease term pre-paid?
- does the Band operate under the Land Management Act or the Indian Act?

A really good example to look at is the Westbank lands in Kelowna. They have done some great groundwork...

[Mike K.]

Sorry Sparky - went up on August 21st prior to our media event on the 22nd. I've never posted an image before so let me figure that out...

Here's some info on how to post pictures

[ressen]

One of the old trailers got burnt up on Saturday.

[ressen]

[darlenet8]

Like I said and the images above show, it's quite a mess. But there are many sites now completely cleared up. I think the images showing the ad hoc "facilities" indicate just how overdue this site clean-up was. It looks better every day now. And what can be recycled is being recycled...lots to do...

[14 West]

There were no actual flush toilets out there all these years? Just an assortment of outhouses? That is pretty cool actually, seems to me if people are happy using a hole in the ground, let them, it is far more sustainable in a rural setting.

[14 West]

"The Trust for Sustainable Development is a not-for-profit corporation that identifies projects with the potential to implement sustainable strategies and then invests in pre-development project preparation (often valued at more than one million dollars USD) for large-scale developments. The Trust researches, identifies and finances exciting, sustainable project ideas to bring them to fruition. As the project nears start-up, the Trust creates a for-profit company to develop the community (or building). The for-profit company acts as Master Developer and oversees permitting, design and sale of building lots. It is this business model that ensures the sustainable strategies planned for will, in fact, be implemented in the physical development."

I don't understand how you can be a legitimate non-profit, if all of your efforts as a non-profit exist such that you can then form a for-profit company to then make money?!? Seems like you are for-profit throughout the entire process. Feel free to explain the error in this assumption.

[Bingo]

There were no actual flush toilets out there all these years? Just an assortment of outhouses? That is pretty cool actually, seems to me if people are happy using a hole in the ground, let them, it is far more sustainable in a rural setting.

I assume that this is actually a walk-in cooler, judging by those skookum hinges...and look at the water view.

[the26er]

ok, i am going to condense it all into 2 quick and easy questions that I would like answers to. I will state I have no desire to buy there, but I ask these questions for the benefit of other buyers.

1.) what is the depreciation of the property over the 99 year lease? back this up with complete data from other developments in similar situations. Don't state there is no depreciation for the first 50 years as you have in the past with no back up. I still say that buying a depreciating property for full retail value makes absolutely no sense and that is what Spirit Bay appears to be doing. Prove me wrong.

2.) what guarantees will the developer make that the area around the development, but still on the reserve will be neatly kept and properly maintained. The area looked like a garbage dump before and no one wants to buy there and be surrounded by junk minutes from their house. I suggest this should be a written guarantee from the developer perhaps with a buy back guarantee for the first xx years

I expect clear answers Darlenet8

Concorde, re #2, I pretty much guarantee the 'surrounding' areas will always look the same and that is just the way it is. The area has looked the same for the last 30 years, so you really think they would ever change? It's a lifestyle and lack of pride of ownership that I doubt will change, as unfortunate as it is. I'm sure all this will just be Alberta's playground anyway, so no biggee to us!

[VicHockeyFan]

It's a lifestyle and lack of pride of ownership

But in fairness, it's a lack of pride of ownership because individual band members have zero ownership.

[the26er]

But in fairness, it's a lack of pride of ownership because individual band members have zero ownership.

well, ok, suppose wrong use of expression, should have said 'don't care due to lack of ownership'. Guess that is the problem with the whole reservation system really. When you put your blood sweat tears into home ownership and take pride in building YOUR equity, then you tend to take care of things. If its just handed to you? Different story. Sad really, but everyone has a choice and I know several successful people with status cards that have maximized their potential with what is freely offered to them...just seems many can't be bothered.

[darlenet8]

From my boss...
The for profit is controlled by voting shares by the not for profit. An amount of the profits are then funneled back to the not for profit for distribution. In this way two things happen, First the development is ultimately controlled by the not for profit which means that it can, by law, have aims other than shareholder returns, which allows the for profit to be triple bottom line.
Second it has allowed the Trust to direct over three million dollars into other not for profits and charities over the years while never having charged one cent for administration or overhead.
By the way. We are not a charity, so when we direct fund something it's with project earnings on which tax has been paid.
Pretty Cool, Huh?

[ressen]

[ressen]

SEPTIC SOLUTIONS

[phx]

It is a beautiful location. I will say there is a certain appeal to living in a shack in the woods, with few rules.

[14 West]

Some of those shacks were pretty nice.

Not only is there an appeal to living in a shack in the woods, it's a shame that there are less and less places for those who just want that type of lifestyle in a climate that allows it, only to be replaced with the type of property that forces people into mundane jobs and the day to day grind. And folks wonder depression is on the rise.