The City of Cranbrook reports staff have been working with Colliers as part of the court ordered sale of 1479 Theatre Road as part of foreclosure proceedings between the city and Peak Cranbrook Properties Ltd.

On August 6, the BC Supreme Court ordered the sale to 1271410 B.C. Ltd.

1271410 B.C. Ltd. has requested the city release covenant F17923 in favour of the city from the property title. This covenant was registered on title December 29, 1972, and provides restrictions that would now be governed by the city’s zoning bylaw (setbacks, building heights, etc.) and an outdated right of first refusal.

The city originally obtained the land from the province by way of a Crown grant December 8, 1971, with a number of conditions outlined in the Crown grant.

City staff stated they have no concern with releasing the covenant, but would like to ensure that the city is not taking on a risk regards to the original Crown grant conditions.

Council approved the release of the covenant on the former ‘Tembec Lands’ last week.

Staff will forward the documents to the city’s lawyer for review and if no concerns are present, prepare the release forms for execution and submission to the land title office.

If there are concerns raised by the city’s lawyer, staff will bring the concerns back to council for consideration, a city staff report noted.

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City of Cranbrook

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