Prince George, B.C. – The foreclosure case that has Northern Development Initiatives Trust   versus Commonwealth Campus Corporation will be heard April 8^th in Prince George.

 

The legal counsel acting for NDIT expects to take 5 minutes to present its case, while counsel for Commonwealth expects to take an hour and a half to present its side of the story.

 

NDIT says Commonwealth owes it more than $1.4 million dollars and interest for loans provided for the purchase of lands in the 400 Block of George Street. NDIT is foreclosing on 6 of the lots, as the other 8 were sold to the City of Prince George. 

 

In documents filed with the Court Registry, Commonwealth Campus Corporation President Dan McLaren says his company was misled by NDIT about “its commitment to their joint undertaking.”

 

The documents say Commonwealth was to acquire the lands in downtown Prince George “using a combination of private investment and loans from NDIT and for NDIT to arrange a sale of the lands to the University of Northern British Columbia or another public entity.”

 

The documents say Commonwealth “had no interest in acquiring the Lands but for a subsequent sale to NDIT”, and   that Commonwealth “did not want to incur interest costs on loans to purchase the Land unless it knew that NDIT would purchase the Lands.”

 

The documents go on to say Commonwealth was advised it could not attend any meetings with  “key public stakeholders in the WIDC project”.

 

Commonwealth says it was not able to lease or sell the properties, and has suffered losses at more than  half a million dollars as a result of the actions of NDIT.

 

NDIT says Commonwealth owes the Trust nearly $1.5 million dollars, and interest.

 

 

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