Fractional interest sales fa ice legislative block WEST VANCOUVER District will not appeal a B.C. a Supreme Court judgment that # allowed sales of fractional interests in 2150 Bellevue Ave., a .40-unit apartment building. By lan Noble News Reperter However, the provincial housing » ministry, said the government, is . i preparing legislation that would put the’ brakes on ; such - transactions, which: have been’ criticized by. f) provincial and municipal govern- 4 ments. “The Nov.’ 29, 1994, judgment said.. that: the Bellevue ‘apartment building owners’ agreement is not a tenancy~agreement: for a. term exceeding 20 years, and therefore In explaining the decision not to appeal, West , Vancouver Mayor Mark;. Sager: Said :, that.» West ‘ancouver. Council, in ;consultation A the: best use of ‘district’ ‘resources would be'to work with, the province _ ome ‘provincial government. has is ued. ‘a.warning [0 purchasers of séries The: Commish i is filmed, to be ob. bled up ‘as ‘part ‘ofa $140 million corporate * . g may: link - up: with ° Brandon “Tartikoff, one of Hollywood's most powerful executives, accord. | g toa Wall Street Journal article on Monday. “The. Journal says’ New World Communications is in serious negotiations to buy. Cannell Studios, one of ‘Hollywood's last | major ried suuroes cl TV: produc crs, » according to «66 Sager reiterated his concerns that frac- tional interests usurp said, / : Barry Buydens, a partner in No. the city’ S governing’ 85 Holdings, the - process and are a threat “to the city’s. rental over - housing stock. i to the city’s rental housing stock. Jill Sinkwich, a-policy analyst with the Ministry of Finance and Corporate Relations, said her min- istry, in cooperation with the hous- ing ministry, is looking at legisla- tion under the Real Estate Act to require that ~fractional-interest developments go through the same approval process as other develop- ments. Currently, developers do noi require municipal approval or have to file disclosure statements with the superintendent of real estate for fractional interest transactions, she said. The legislation would: remove those advantages and protect con- " sumers, she said. Bruce Patterson, a public infor- mation officer with the Ministry of Housing. Recreation . and Consumer Services, said legisla- tion could be introduced in’ the spring session retroactive. tion have not been determined, he Seubright - Bellevue’s owners, said that with the decision by West Vancouver Not to appeal the ruling, the: “storny is units, about 23' have been sold under the ‘fractional- ‘interest plan, Buydens said. ., and’ could be 3 However. the practical and legal : ramifications of retroactive legisla- . He said his firm wants to make the remaining tenants happy.and - sell the units. Of. the building’s 40... Wednesday, January tt, 1995 — - North Shore News - 3 - News photo Miko Wakefield “THE VIEW from Lonsdale v was not pretty. for motorists caught in a traffic jam Tuesday morning. a Accidents stall ACCIDENTS AND a dicsel spill snarled traffic on both bridges Tuesday morning, while rubber- neckers caused cars to be backed up to Lonsdale on the Trans - Canada Highway. The units’ purchasers are evicted. He said his business group will definitely pursue in greater Vancouver, though not necessarily i in West Vancouver. ‘other -fractional-interest transactions “We believe in them,” he said. Sager said the municipality also discourages Strati- “heavily. weighted" towards investors, he said, adding nobody has been Const. Denis Therien of the Port Mann Highway Patrol said a tractor-trailer jack knifed heading | northbound. on ‘the Narrows ‘and punctured. its fuel tank, spilling‘ diesel. That. made the downhill slope fication. It wants to maintain the city” s rental stock. “IT have no comment,” “ Alderman, who notes his company is a joint ven- “ture between Cannell Studios of Los Angeles and ‘ Comweb’ Corp.‘of Toronto. Cannell officials could not be reached for comment. : Recent: big:screen box-office , hits, . Intersection. with Richard Gere and ‘Sharon Stone; and Little Women starring Winona Ryder ‘and Susan Sarandon, were filmed on locations at “the studios, which opened in the fall of 1989. .. New World -is controlled by investment vycoon Ronald Perelman, one of the leading cor- porate raiders in the takeover frenzy of the 1980s: Perelman may-not be a household name himself, but his companies are well-known. His holdings run from cosmetics to comic books and sports cards, from Revlon to. Marvel Entertainment. “MacAndrew & Forbes Holdings, Perelman’s ‘Priyate company, plans to spend $1.4 billion in- was the response from * North Shore Studios general manager’ Ralph - the next few. years in the entertainment field. The newspaper says: Perelman. also. wants | to buy movie studios, a casino in Allantic City and pos- . sibly even a record company. Journal reporters John Lippman and Richard Turner say the Cannell: deal would : give Perelman’s New World a vital source of TV pro- * grams for its 12 stations. The deal would also team up Cannell with: Tartikoff, New ‘World’s chairman and the former programming wizard at NBC. The pair previously jointly ‘produced such 1980s hit shows as The A Team, which ‘pushed NBC to the top of the TV ratings heap..Global media mogul Rupert Murdoch injected $700 mil- lion into New World last year through his com- pany News Cozp. News Corp defied numerous naysayers in recent years to create a fourth major network, Fox Broadcasting, which competes. with ABC, NBC and CBS, the previous s Big ; Three networks. Second .. rush-hour traffic | slippery, * ‘and they were playing bumper tag | all the way down,” he said. ° Northbound lanes were “closed for sanding while viewers slowed | southbound « lanes: - An’ ‘ earlier“ southbound accident added to the! chaos, Therien said::, ; Due* to ‘the’ stalled iraffic, ; motorists tried the Lions - Gate. But heavy use’ of that bridge also: stymied traffic, . said West. Vancouver Police. . From page | 1. ae ar if ve Cypress Bow!'s cross-country facil- ities by. failing to. provide public - ‘washrooms, especially for:disabled . people and failing to provide ade- *. quate public parking and to main-", tain existing parking areas, . 028". 5, "McDonnell claims the govern-. ment has failed’ to approve’ the... resort’s 1988 master plan. ‘even °° though’ it * meets’ provincial . park , policies and the area’s theme and values. resort's opportunity to implement the master plan may now be lost. . Parks ‘spokesman Wally ‘Eamer. * .said the writ has been received and - a response to the allegations is- McDonnell ‘-claims” the |: