Timberlanding 1 at Fernie Alpine Resort
Total Page:16
File Type:pdf, Size:1020Kb
CONSOLIDATED DISCLOSURE STATEMENT INCORPORATING FIRST AMENDMENT FEBRUARY 1, 2017, SECOND AMENDMENT AUGUST 28, 2017, AND THIRD AMENDMENT DECEMBER 8, 2017 Dated: January 2, 2019 TIMBERLANDING 1 AT FERNIE ALPINE RESORT DEVELOPER RESORTS OF THE CANADIAN ROCKIES INC. Address for Service c/o Rockies Law Corporation Suite 201 – 907 Baker Street Cranbrook, British Columbia, V1C 1A4 Business Address 1505 -17th Avenue S.W. Calgary, Alberta, T2T 0E2 Real Estate Agents The lots will be marketed by the Developer's in-house sales staff or such real estate agents as the Developer may engage from time to time. Some of the employees of the Developer may not be licensed under the British Columbia Real Estate Services Act and are not acting on behalf of any purchaser of a lot. THIS IS A CONSOLIDATED DISCLOSURE STATEMENT FILED PURSUANT TO THE REAL ESTATE DEVELOPMENT MARKETING ACT. This Disclosure Statement has been filed with the Superintendent of Real Estate, but neither the Superintendent, nor any other authority of the government of the Province of British Columbia, has determined the merits of any statement contained in the Disclosure Statement, or whether the Disclosure Statement contains a misrepresentation or otherwise fails to comply with the requirements of the Real Estate Development Marketing Act. It is the responsibility of the developer to disclose plainly all material facts, without misrepresentation. RIGHTS OF RESCISSION Under section 21 of the Real Estate Development Marketing Act, the purchaser or lessee of a development unit may rescind (cancel) the contract of purchase and sale or contract to lease by serving written notice on the developer or the developer’s brokerage, within 7 days after the later of the date the contract was entered into or the date the purchaser or lessee received a copy of this Disclosure Statement. The rescission notice may be served by delivering or sending by registered mail, a signed copy of the notice to (a) the developer at the address shown in the disclosure statement received by the purchaser, (b) the developer at the address shown in the purchaser’s purchase agreement, (c) the developer's brokerage, if any, at the address shown in the disclosure statement received by the purchaser, or (d) the developer's brokerage, if any, at the address shown in the purchaser’s purchase agreement. The developer must promptly place purchaser's deposits with a brokerage, lawyer or notary public who must place the deposit in a trust account in a savings institution in British Columbia. If a purchaser rescinds their purchase agreement in accordance with the Act and regulations, the developer or the developer's trustee must promptly return the deposit to the purchaser. TABLE OF CONTENTS Page 1. THE DEVELOPER ………………………………………...... .……………………………………..1 1.1 Particulars of Incorporation ..……………….………. ……………………….…………..…1 1.2 Purpose of Incorporation ………………………...…. ………………………...……………1 1.3 Registered Office Address ...……………………….. ……………………………………...1 1.4 Directors and Officers ...…………………………….. ……………………………………...1 1.5 Developer’s Background ...…………………………. ……………………………………...1 1.6 Conflict of Interest ..…………………………………. ……………………………………...2 2. GENERAL DESCRIPTION ………………………………… ……………………………………...2 2.1 General Description of the Development …………. ……………………………………...2 2.2 Permitted Use ……………………………………….. ……………………………………...3 2.3 Building Construction ……………………………….. ……………………………………...4 3. SERVICING INFORMATION ………………………………. ……………………………………...5 3.1 Utilities and Services ……………………………….. ……………………………………...5 4. TITLE AND LEGAL MATTERS …………………………… ……………………………………...6 4.1 Legal Description ……………………………………. ……………………………………...6 4.2 Ownership ……………………………………………. ……………………………………...6 4.3 Existing Encumbrances and Legal Notations ……. ……………………………………...6 4.4 Proposed Encumbrances …………………………... ……………………………………...8 4.5 Outstanding or Contingent Litigation or Liabilities .. ……………………………………...9 4.6 Environmental Matters ……………………………… ……………………………………...9 5. CONSTRUCTION AND WARRANTIES ………………….. …………………………………….10 5.1 Construction Dates ………………………………….. …………………………………….10 5.2 Warranties …………………………………………… …………………………………….10 6. APPROVALS AND FINANCES …………………………… …………………………………….10 6.1 Development Approval ……………………………... ....…………………………………10 6.2 Construction Financing ……………………………... …………………………………….10 7. MISCELLANEOUS …………………………………………. …………………………………….10 7.1 Deposits ……………………………………………… …………………………………….10 7.2 Purchase Agreement ……………………………….. …………………………………….11 7.3 Developer's Commitments …………………………. …………………………………….12 7.4 Other Material Facts ………………………………… …………………………………….12 TABLE OF CONTENTS (continued) EXHIBITS Exhibit A ………………………………………………...…...………….............. Plan of Subdivision Exhibit B …………………………………………..……………..…... Section 219 Covenant (Build) Exhibit C ..………………………………………….. Section 219 Covenant (Geotechnical & Plan) Exhibit D …………………………………………………………… Title Searches (Parent Parcels) Exhibit E …………………………………………………...…….…. Rent Charge (Resort Services) Exhibit F ………………………………………………..……..……...… Rent Charge (Lift Services) Exhibit G ……………..…………………………………………………………..Intentionally Deleted Exhibit H ……………………………………………………………………….….Option to Purchase Exhibit I ………………………………..……………………………… Plan of Location of Services Exhibit J ……………………………………………..…Offer to Purchase and Agreement for Sale FOURTH CONSOLIDATION DISCLOSURE STATEMENT TIMBERLANDING 1 January 2, 2019 Page 1 1. THE DEVELOPER 1.1 Particulars of Incorporation The Developer is a corporation amalgamated pursuant to the Canada Business Corporations Act. It was incorporated on December 21, 2000 and its federal incorporation number is 938808- 07. The Developer is registered as an extra-provincial company in British Columbia under number A100476. 1.2 Purpose of Incorporation The Developer was not incorporated specifically for the purpose of developing the Lands and has other assets in addition to the Lands. The Developer is a large private ski resort owner/operator that owns or controls six ski resorts across Canada, including Mont Ste.-Anne, Stoneham, Nakiska, Fernie, Kimberley and Kicking Horse. The Developer also owns and manages a number of hotels and golf courses throughout Canada. 1.3 Registered Office Address The registered and records address of the Developer's head office is 1505 - 17 Avenue S.W., Calgary, Alberta, T2T 0E2. The Developer's address for service in British Columbia is Suite 201, 907 Baker Street, Cranbrook, British Columbia V1C 1A4. 1.4 Director The sole director of the Developer, who is required to sign this Disclosure Statement by Section 14 of the Real Estate Development Marketing Act ("REDMA") and Section 9 of the regulations thereunder is Larry G. Moeller. 1.5 Developer’s Background (a) The Developer is the owner of other real estate development lots, and has experience in the development of other similar developments at Fernie Alpine Resort and Kimberley Alpine Resort. Except as aforesaid, neither the director nor any of the officers of the Developer has any experience in the development industry. (b) None of the Developer, the principal holder thereof or its respective directors and officers, to the best of the Developer's knowledge, within the ten years before the date of the Developer’s declaration attached to this Disclosure Statement, has been subject to any penalties or sanctions imposed by a court or regulatory authority, relating to the sale, lease, promotion, or management of real estate or securities, or to lending money secured by a mortgage of land, or to arranging, administering or dealing in mortgages of land, or to theft or fraud. (c) None of the Developer, the principal holder thereof or its respective directors and officers, to the best of the Developer's knowledge, within the five years before the date of the Developer’s declaration attached to this Disclosure Statement, was declared FOURTH CONSOLIDATION DISCLOSURE STATEMENT TIMBERLANDING 1 January 2, 2019 Page 2 bankrupt or made a voluntary assignment in bankruptcy, made a proposal under any legislation relating to bankruptcy or insolvency or has been subject to or instituted any proceedings, arrangement, or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold the assets of that person. (d) None of the Developer, the principal holder thereof or its respective directors and officers, to the best of the Developer's knowledge, within the five years prior to the date of the Developer’s declaration attached to this Disclosure Statement, has been a director, officer or principal holder of any other developer that, while that person was acting in that capacity, that other developer: (i) was subject to any penalties or sanctions imposed by a court or regulatory authority relating to the sale, lease, promotion, or management of real estate or securities, or to lending money secured by a mortgage of land, or to arranging, administering or dealing in mortgages of land, or to theft or fraud, nor subject to any penalties or sanctions imposed; or (ii) was declared bankrupt or made a voluntary assignment in bankruptcy, made a proposal under any legislation relating to bankruptcy or insolvency or been subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets. 1.6 Conflict of Interest The Developer is a related party of Fernie Alpine Resort Utilities Corporation (the “Utility”) which supplies water and sewer services to the Development. Such services are provided according to rates established from time to time by the Utility