Prince George, B.C.- Northern Development Initiatives Trust has filed a petition with the B.C. Supreme Court to foreclose on 6 properties purchased by Commonwealth Campus Corporation.

 

The action filed yesterday names Commonwealth Campus Corporation, Dan McLaren, Don Kehler, David McWalter, Heather Oland, Gordon Langer and the estate of the late Dan Gialleonardo as respondents in this action.

 

In the petition to the Court, NDI Trust says it loaned money to the  respondents in 2009 and 2010 and “Commonwealth Campus Corporation mortgaged the Lands to the Petitioner, as security for all monies owing under the Loans.”

 

The petition says the amount owed to NDI Trust  was due at the end of October “but this money has not been paid, and as of October 31, 2012, there was due and owing to the Petitioner under the Loans, the sum of $1,451,860.03  plus interest thereafter at the rate of 6.8% per annum, compounded monthly being a daily rate that day of $270.48.”

 

NDI Trust  is calling for 13 actions from the Court, including a declaration that the mortgage and security are in default, a redemption period be set, and once that period has expired, the property be listed for sale and a Receiver-Manager be appointed. 

 

The properties are the lots adjacent to the properties formerly occupied by the Prince George Hotel, and the two lots which are home to the Achillion restaurant on the corner of 4^th and Dominion.  While there has been a suggestion the action would be withdrawn, a spokesman for NDI Trust tells 250News this action is proceeding.

 

The most recent assessement of the 6 properties is as follows:

   Lot 1:  409 George Street, Assessed Value 2012: $76,200

 

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