11-23-2018, 11:10 AM
Thread to discuss the electrohome factory that's barely standing. (we'll migrate old posts over)
The Shannondale (née Electrohome, 152 Shanley St) | 8 fl | U/C
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11-23-2018, 11:10 AM
Thread to discuss the electrohome factory that's barely standing. (we'll migrate old posts over)
11-23-2018, 11:10 AM
Kitchener will try to force sale of Electrohome site in January
Quote:The city will make a second bid in January to sell the contaminated Electrohome site.
11-23-2018, 11:12 AM
Renderings of what could happen with the site if redeveloped:
11-23-2018, 11:14 AM
Given the remediation costs, the City should have taken the $200,000 and run. Will the sale be conditional on timely redevelopment, I wonder?
11-23-2018, 11:30 AM
I was surprised the bid was so much lower than the asking price. But then again I have no idea what the cleanup could cost other than a lot.
11-23-2018, 11:34 AM
11-23-2018, 12:37 PM
I know Christie bears no legal obligation for the site, but I really wish they would contribute to the remediation in some fashion.
11-23-2018, 01:33 PM
11-23-2018, 01:49 PM
As in Christie Digital?
11-23-2018, 01:56 PM
(11-23-2018, 01:33 PM)plam Wrote:(11-23-2018, 12:37 PM)robdrimmie Wrote: I know Christie bears no legal obligation for the site, but I really wish they would contribute to the remediation in some fashion. Christie acquired Electrohome's projection business back in 1999. I don't think they ever operated at this site, though.
11-23-2018, 01:59 PM
(11-23-2018, 01:33 PM)plam Wrote:(11-23-2018, 12:37 PM)robdrimmie Wrote: I know Christie bears no legal obligation for the site, but I really wish they would contribute to the remediation in some fashion. They acquired Electrohome's digital projector business in the late 90s. It's a very loose connection.
They're not a legal successor to Electrohome in any way, though. Entirely different entity in this respect.
11-23-2018, 02:11 PM
(11-23-2018, 11:14 AM)panamaniac Wrote: Given the remediation costs, the City should have taken the $200,000 and run. Will the sale be conditional on timely redevelopment, I wonder? I don't think the City was legally allowed to sell the property for less than the tax owing. They have now written off interest on the taxes, so the new selling price is the principal amount.
11-23-2018, 02:15 PM
(11-23-2018, 02:11 PM)timc Wrote:(11-23-2018, 11:14 AM)panamaniac Wrote: Given the remediation costs, the City should have taken the $200,000 and run. Will the sale be conditional on timely redevelopment, I wonder? Which makes no sense at all. A property cannot be sold for more than its worth to a bidder. So conceivably you could end up with an unsellable property, and indeed we might have such already. I wonder what would happen if one were to expropriate a property with outstanding taxes. Could that work? Presumably the settlement would be set off against the taxes, so no actual payment would go to the former owner. Not a real estate lawyer, no idea how it actually works, just musing.
11-23-2018, 02:38 PM
(11-23-2018, 02:15 PM)ijmorlan Wrote:(11-23-2018, 02:11 PM)timc Wrote: I don't think the City was legally allowed to sell the property for less than the tax owing. They have now written off interest on the taxes, so the new selling price is the principal amount. Quite right. But it's how the rules work, and the city did not have a choice in the matter. |
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