Shrink Slessor Square!

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Slessor Square still NOT sold but Slessors drain millions out of the equity

Newmarket’s hyper-active developer and self styled entrepreneur, Bob Forrest, told the Town’s Planning staff in October last year that Slessors’ former car dealership site had been sold and that the sale was conditional for 60 days.

We are now on day 139 (give or take a few) and the Ontario Land Registry records no change in title.

However, it shows that the Slessors, who originally owned the land outright, have chalked up huge charges in anticipation of a sale and are draining million of dollars out of the equity.

On 6 December 2011, PACE Savings and Credit Union paid the Slessors $4,500,000. A second tranche was paid on 22 January 2013, this time for $1,800,000.

And then a further $1,200,000 was paid.

A consolidated sum of $7,500,000 is shown on Land Registry records on 14 February 2014 as a charge on the Slessor property.

All this begs the question, what has happened to the sale?

Elsewhere… On 14 November 2013, Slessors’ lawyer, the ubiquitous Ira Kagan, told the OMB:

“My client is still working with Town and Regional staff to come to agreement on the conditions of draft plan approval. If we are unable to do so then we will request that the Board hold a hearing to deal with the conditions.”

On 24 March the OMB will be requiring a “status update” from the Slessors and the Town on how the proposed development is progressing.


 

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