SkyCity Centre Winnipeg | 45F | 575 Ft | 175.26 M | Cancelled

[trueviking]

That is a beauty. But is is that swooshy architectural doodad the largest between Calgary and Toronto except Edmonton?

Yes. I meant it’s unlikely that the TIF will be allowed to be transferred. It was a $40m program that they got $15m of. So it significantly reduced the size of the program. And the current provincial government doesn’t believe in downtown...er...I mean TIF

[Kinguni]

Originally Posted by trueviking

the current provincial government doesn’t believe in downtown...er...I mean TIF

Conservative governments don't look after Winnipeg. Ever. Their main voter base is rural.

[DowntownBooster]

Originally Posted by Kinguni

Conservative governments don't look after Winnipeg. Ever. Their main voter base is rural.

They should care about Winnipeg. That's where the bulk of the voters and seats are.

[dmacc]

^ Yeah, the conservative's only goal in life is to screw everyone all the time. C'mon you guys, can't blame the conservatives for this project or claim they wouldn't move forward with a TIP for another project if they felt it was worth it. If you don't like their politics that's one thing but to think they don't want to improve the province including the city is absurd. You might think the way they are trying to go about it is wrong but don't tell me their only goal is to be terrible people.

[Tacheguy]

Filmon set the downtown back a few decades: not because he was evil, but because he had other priorities. When it comes to Winnipeg the Conservatives are likely to support projects related to their base in the burbs and exurbs rather than the centre.

[Ando]

And they are suffering for it with reduced numbers in Winnipeg. And now Pallister wants to sue the FP for daring to ask questions about his taxes in Costa Rica. If he spent half the time thinking about Winnipeg that he does about Costa Rica ,,,

[Roger Strong]

CBC: Future of Winnipeg's SkyCity condos questioned after RCMP raid

Fortress's co-developer, Edenshaw Developments, severed its ties with Fortress last November.

"We have no association with Fortress. That relationship ended last year," said David McComb, president and CEO of Edenshaw.

"It just ended because the project was not moving forward," he said.

Edenshaw's name is still up on Fortress's website, despite the fact they terminated their relationship.

"We requested several times to take it down so I'm hoping that it is down by now. So we've made the request both verbally and written over the past several months," said McComb.

[Curmudgeon]

Originally Posted by Tacheguy

Filmon set the downtown back a few decades: not because he was evil, but because he had other priorities. When it comes to Winnipeg the Conservatives are likely to support projects related to their base in the burbs and exurbs rather than the centre.

In fairness I think it had a lot to do with the city losing a huge chunk of its manufacturing base from the 70s to the 90s and with it thousands upon thousands of jobs. Winnipeg barely grew in the 70s and early 80s, there was a slight uptick in the mid to late 80s, and certainly everyone will agree that the 90s (esp. the early 90s) represent the nadir for this city and particularly the downtown.

The opening of four major suburban malls in the 1970-1980 period was also very detrimental to downtown, which had already entered decline by the 60s.

Having said that, I remember lots of old timers who used to say "Conservative times are hard times".

[Kinguni]

Originally Posted by Curmudgeon

In fairness I think it had a lot to do with the city losing a huge chunk of its manufacturing base from the 70s to the 90s and with it thousands upon thousands of jobs. Winnipeg barely grew in the 70s and early 80s, there was a slight uptick in the mid to late 80s, and certainly everyone will agree that the 90s (esp. the early 90s) represent the nadir for this city and particularly the downtown.

The opening of four major suburban malls in the 1970-1980 period was also very detrimental to downtown, which had already entered decline by the 60s.

Having said that, I remember lots of old timers who used to say "Conservative times are hard times".

Filmon's government decentralized services in 1990, moving 692 jobs out of Winnipeg to rural Manitoba to bolster rural economies at the expense of Winnipeg, undoubtedly increasing some costs for delivery of service. The textbook bureau was moved to Souris, where it still is today. That's where all the schools in Manitoba get their new textbooks from.

'"This initiative reflects our commitment to strengthen the rural economy
and improve delivery of government programs and services," said Filmon.'

http://news.gov.mb.ca/news/archives/..._announced.pdf

That's how a Conservative government looks after Winnipeg.

[windypeg]

Originally Posted by Kinguni

Filmon's government decentralized services in 1990, moving 692 jobs out of Winnipeg to rural Manitoba to bolster rural economies at the expense of Winnipeg, undoubtedly increasing some costs for delivery of service. The textbook bureau was moved to Souris, where it still is today. That's where all the schools in Manitoba get their new textbooks from.

'"This initiative reflects our commitment to strengthen the rural economy
and improve delivery of government programs and services," said Filmon.'

http://news.gov.mb.ca/news/archives/..._announced.pdf

That's how a Conservative government looks after Winnipeg.

It's pretty ironic to see a conservative government touting increased government bureaucracy as a great way to stimulate local economies.

[bomberjet]

Text books come from Souris. Makes sense.

[Tacheguy]

Originally Posted by bomberjet

Text books come from Souris. Makes sense.

locating casinos in the sticks rather than downtown. focussing joint infrastructure expenditures on rural needs rather than in Winnipeg, ending the core area agreements and replacing them with city wide tripartite agreements, the list goes on and on. I don't blame though, because they were elected fairly and other areas have needs too. they just aren't policies that I personally agree with. same with the current crew..

[Wolf13]

Originally Posted by trueviking

Would be great if the TIF skycity sucked up could go towards other projects, but instead it will likely be lost. The provincial side for sure is gone. It took $15m out of the $40m program. Could give $2m to seven great infill projects. Some nice 6-8 storey buildings that could fill parking lots across downtown. So much better that a giant tower. Such a shame that opportunity has been stolen by these guys.

Originally Posted by trueviking

That is a beauty. But is is that swooshy architectural doodad the largest between Calgary and Toronto except Edmonton?

Yes. I meant it’s unlikely that the TIF will be allowed to be transferred. It was a $40m program that they got $15m of. So it significantly reduced the size of the program. And the current provincial government doesn’t believe in downtown...er...I mean TIF

Is there not a strong enough narrative to recycle the 15M back into the program? Besides, Pallister may like his cuts, but that's certainly aimed towards crown corps, rather than boosting the private market.

Originally Posted by dmacc

^ Yeah, the conservative's only goal in life is to screw everyone all the time. C'mon you guys, can't blame the conservatives for this project or claim they wouldn't move forward with a TIP for another project if they felt it was worth it. If you don't like their politics that's one thing but to think they don't want to improve the province including the city is absurd. You might think the way they are trying to go about it is wrong but don't tell me their only goal is to be terrible people.

+1

Originally Posted by Tacheguy

Filmon set the downtown back a few decades: not because he was evil, but because he had other priorities. When it comes to Winnipeg the Conservatives are likely to support projects related to their base in the burbs and exurbs rather than the centre.

What projects of any magnitude in the burbs have been launched to, effectively, shore up rural vote?

[headhorse]

Originally Posted by Wolf13

Is there not a strong enough narrative to recycle the 15M back into the program? Besides, Pallister may like his cuts, but that's certainly aimed towards crown corps, rather than boosting the private market.

+1



What projects of any magnitude in the burbs have been launched to, effectively, shore up rural vote?

^ the suburbs are subsidized development.. roads and services arae paid for by tax dollars that have already been paid for by existing residents in the hope that maybe one day the city well get enough back to cover the expenses/road maintenance/upgrades. also is dependent on the availability of cheap gas.. i'm sure someone's business interests intersect here.

[Jets4Life]

Originally Posted by Kinguni

Conservative governments don't look after Winnipeg. Ever. Their main voter base is rural.

and the NDP used to say Manitoba ends at the Perimeter.....

[Wolf13]

Originally Posted by headhorse

^ the suburbs are subsidized development.. roads and services arae paid for by tax dollars that have already been paid for by existing residents in the hope that maybe one day the city well get enough back to cover the expenses/road maintenance/upgrades. also is dependent on the availability of cheap gas.. i'm sure someone's business interests intersect here.

I know, but these aren't particularly tricky projects... it's all normal stuff. Plus residents, not developers vote. It's not like Genstar can campaign and shore up amn extra 10% of the voting block for them, and most suburb dwellers don't care for much further expansion once their neighbourhood is built.

Originally Posted by Jets4Life

and the NDP used to say Manitoba ends at the Perimeter.....

The NDP is so much better, with all the lies the fed to us in the past decade, especially when it came to Bipole III. Now they have a wonderful leader who kicks the shit out of women, cab drivers, and anyone who crosses his path. Not to mention the DUI's, theft, and failure to pay bills. And let's not forget his pathetic "rap" career, where he makes himself out to be Jesus Christ.

You NDP supporters are pathetic. Maybe next time you should elect Ted Bundy. He could not do much worse, sans the fact he was executed...

Pallister is doing a solid job of making unnecessary mistakes, but it's absolutely nothing compared to the NDP.

I can understand the frustration some have with Pallister, though I may not entirely agree, but when the rhetoric comes out and I start hearing "I'll never vote for him again"... that's when I get annoyed. Because you're going to vote for who, instead???

[Pi3141592654]

There is more!

https://www.theglobeandmail.com/busi...-of-rcmp-raid/
Trustee to take over Fortress broker in wake of RCMP raid

A judge has ordered a trustee to take over the operations of the lead mortgage broker for beleaguered real estate developer Fortress Real Developments Inc., just a week after the RCMP raided Fortress’s Toronto-area offices as part of a syndicated-mortgage-fraud investigation.

Lawyers for the Financial Services Commission of Ontario (FSCO) appeared before Superior Court Justice Glenn Hainey on Friday to argue that the broker, Building & Development Mortgages Canada Inc. (BDMC), was in default of a February settlement with the Ontario regulator, which came after FSCO launched its own probe into risky syndicated-mortgage investments.

Syndicated mortgages are pools of money provided by private investors to finance real estate-development projects. More than $600-million has been invested in BDMC’s syndicated-mortgage loans, by 11,000 investors, with most of the investments related to real estate development projects across the country involving Fortress.

STORY CONTINUES BELOW ADVERTISEMENT


In an affidavit filed with the court on Friday, Brendan Forbes, an Ontario government lawyer working with FSCO, said BDMC was in default of its settlement with the regulator, in which it had been ordered to pay $1.1-million in penalties and had its mortgage-brokerage licence revoked. BDMC had also agreed to an arrangement that would see another firm, FAAN Mortgage Administrators Inc., oversee its syndicated-mortgage loan-administration business.

However, Fortress and another related company, Canadian Development Capital & Mortgages Services Inc. (CDMC), have failed to provide FAAN with required records related to the relevant development projects, Mr. Forbes says in his affidavit, and BDMC has also failed to hand over access to its e-mail accounts. Meanwhile, BDMC is in “financial distress” and has failed to make payroll and rent payments, the documents say.

On April 13, Mounties searched Fortress’s head office in Richmond Hill, Ont., which shares an address with BDMC. In the wake of the RCMP raid, questions from investors have “increased exponentially,” Mr. Forbes says, and FAAN now says it needs full court authority as a trustee to manage BDMC’s business.

FAAN has “lost all confidence” in BDMC’s ability to comply with the previous management agreement, and is concerned about its own compliance with regulations for mortgage administrators, which requires them “not to take or omit to take any action that facilitates dishonesty, fraud, crime or illegal conduct,” the affidavit reads.

Fortress was founded in 2002 by chief executive officer Jawad Rathore and chief operating officer Vince Petrozza, who was also authorized to deal in mortgages on behalf of BDMC. As part of its February settlement with BDMC and other related companies, FSCO revoked Mr. Petrozza’s mortgage-broker licence.

David Ullmann, a Toronto restructuring lawyer with Blaney McMurtry LLP who is not involved in the case, called it unusual for the regulator step in this way: “This application was likely put together very quickly. ... As such, I would not expect that we have all the information yet.”

[Roger Strong]

If you're an investor, this is your cue to put on the dinner jacket and have a brandy as the ship goes down.

[Roger Strong]

• Video Link

[Naive]

Originally Posted by Roger Strong

If you're an investor, this is your cue to put on the dinner jacket and have a brandy as the ship goes down.

Well I have been following this thread for almost 4 years and have been quietly gathering information. Yes, I like others that are undoubtedly following this thread have invested in SkyCity through a syndicated mortgage. I am an amateur investor that made a huge mistake and invested in this company and SkyCity. Our only hope is that that law steps in and seizes all assets of Fortress and Mr. Rathore in the hopes that we can recover some of our money. For you Roger Strong and others that may find this humorous, rest assured there is nothing funny about people being duped and losing their hard earned savings. Please spare us any lecture or buyer beware speeches as at this point that really isn't helpful.

Lastly I hear nothing from my broker about this so I really appreciate all the folks posting relative and current info on this thread. I will continue to gather whatever information I can and hold on to the faint hope that something can be done to help us out.