eune
Strikes
«district
nerve.

‘NORTH VANCOUVER
District Council, stopped short
of endorsing a councillor's
Motion. opposing gun. sales
~ Monday night, but only because
it wants a Staff F report first.

> MORTH, VANCOUVER
DISTRICT COUNCIL
» By Martin Millerchip

“Coun, Janice Harris“ hud called
for Mayor Murray Dykeman to

“express in the strongest possible -

terms our opposition to the sale. of
oFifles,. -guns and bows and arrows at

- Tetail ‘department stores in urban *

_ areas.”

ing.an, application. by; Wal-Mart for
the sale, of firearms: ‘on the:

NVD
Haris... express opposition to

“gale of firearms: in strongest %

possible terms. .

mM :
* a

; Shore’ ;

Harris. acknowledged that. the -

Wal- Mart location in Capilano Mall

"Was not in the district’ 's jurisdiction, ;

but said she wanted to send a mes-
age to a retail chain that saw “guns

old :next . to toasters as culturally |

: ‘appropriate,

°c Harris; surprised council when

: she said that a:Wal-Mart spokesman
had told her during a radio talk show

_. that the storé’s publicized removal of.
all. guns from B.C. stores was only

for 90 days while the chain re-

thought its gun ‘policy.

“Coun, Don Bell responded that.
_ While he. supported’ gun control he
-was tired of knee- jerk’ iesponses to,

Ammétics an companies... +
‘Bell suggested deferring action
onthe first part of Harris’ motion
” while staff report “on how the district
can control and or prohibit the sale of
. fire arms in all: zones through the
- zoning and business bylaws.”
Staff told council that any change

- to the zoning and business bylaws -

could not likely be completed before
early March next year.

‘ The. district has: already banned

gun shops-as an allowable home-
‘. business use in residential areas, but
that ban did not affect two such exist-
"ing businesses. .
S Similarly, any future chunges
__; Could not be applied retroactively to
; legally existing stores or businesses.

bees wo

building. . has

- Harris ‘said that in putting ‘forward
; the motion she was responding to a :, -
high level ‘of public concer regard-...--|

North :

COUNCILLOR - “Janice

buildings down,

ADVERTISEMENT

Court decision approves sale of suites

HE SALE of

fractional

interests in an
ideally located West
Vancouver apartment
been
approved by B.C.
Supreme Court.

The landmark decision last
Tuesday confirmed that the

at

aha See AS OT

-sale of owners’ interests in The -4

Bellevue, ‘ locuted : at. 2150 -
Bellevue Ave., West Vancouver, :
‘does. not: create lease or:
‘tenancy agreements and so
does not.’ contravene . the
Residential Tenancy Act.’

_ The District. of West Van-
couver’s petition to block, the

‘conversion -. from rental to
“owned |:

was

.. apartments
_ dismissed with costs.
“It has-taken two months to
circle’ back- .to’ our. starting
«position thanks. to. the
intervention of some.‘people
“who did not have the facts and
"during. all that time we have
been saying the ‘exact same
thing. It's a .. straight-up
transaction - ‘and the — court
agrees with us,” said Barry

Buydens on behalf..of The -

- Bellevue’s new owners — No.
'_ 85 Seabright Holdings...

' Buydens acknowledged the
__ legitimate - municipal ‘concern
“over a reduction.in affordable
‘ryental stock, but went onto -

‘question who was being served -

» by West Vancouver's attempt to”
block the conversion.

- “By trying to shut us down,
the ‘municipality appears as
the’ protector, of rental stock.
But what it is failing to address,
.or choosing not to address, is
the fact that the rental stock in
West Vancouver is aging and

«aging quickly.

“It is going to require major

retrofits which is going to put :
.pressure on the building.
owners to invest large amounts ..
of money in the buildings.
. “Or they may decide,
because of. tax reasons and
land value reasons, that they
are better off to tear the
and that
reduction of rental stock can
also- be ‘done ~ without
municipal approval.”

Buydens argues that in a
roundabout way the

conversion of The - Bellevue

will preserve some affordable
rental] accommodation while
providing a major. upgrade to
the aesthetics of the building.
In addition to restoring the
rain entryway, the elevator,
and upgrading the aesthetics of
the building, No. 85 Seabright
has contributed $40,000 to The
Bellevue’s contingency fund.
“We are creating pride in

ownership by 40 individuals
who. will in

turn have a
common goal to make sure
that the building is maintained
to the highest standar ids.

v

,market at. what,

ae Pre
ae

+ ae ~ Photo submitted.

4 THINK | we have to be very. clear that this is a legal transaction.” - Joan Smaliweod, Provincial
ne

Minister of ‘Housing, Recreation and Consumer Services after examining the conve: :

“The suites that are investor —
owned are going to be on the
t in West
Vancouver terms, is affordable
rental accommodation.

““We .may not: have the

‘perfect solution in terms of
rental stock but we definitely _
‘have a preservation aspect

here that can’t be ignored.”
Apartments at ‘The

Bellevue range in.size from

approximately. 430 sq. ft... to

1,170 sq. ft. and are listed-in
the. $125,000 to $260,000,

range.

same way as other land in the
Province of British Columbia.
The relative size of the
interest is determined by the
relative size of the apartment

‘and ‘expressed as a fraction of

10,000.‘
An apartment that ‘makes

‘up 1/40th of the total size of all

the apartments would carry an '
interest of 250/10,000.

An apartment 1
represerited 1/38th of the total
area would carry. a fractional

interest of 263/10,000..-..

All 40 purchasers with: their

that _

"Bellevue you. ‘should’ “go'see’a

lawyer, as if there is’ ‘something.
shady in fractional interests,”
says Buydenss,

read” language | ‘of the owners
agreement. | :

“The Bellevue has been put under the microscope by: the municipality
and the courts ‘and has come through with flying | colors.

‘Across * the ‘street, a
comparable apartment on the

‘north side of Bellevue Avenue, |

on the same floor as The

Bellevue’s snow suite, is

listing for $100,000 more.
Simon Myara, who. ‘is

_marketing The Bellevue for.
Broadview .

Sutton Group
Realty, points out that a month
ago there were no
bedroom apartments below
‘Marine Drive for sale ‘under
$300,000 while The Bellevue
had 20 two-bedroom suites for
sale under $260,000.

Myara says that in practical
terms there is not a lot of
difference between fractional
ownership and Strata
ownership. ‘

Both Buydens and  Myara
emphasize that fractional
ownership is not “a new
concept.

“Office buildings and d family

‘trusts have been run this way
for years. There are at least.100
buildings in the
Mainland with this form of title
on it,” said Buydens, adding
that there are other. similar
_projects on the North Shore
presently being marketed.

* Purchasers of The Bellevue
all get an owner's’ interest

registered in their name at the <

another, owner's mortghges a
ety tei nother owner's marge so

ahand T itle.. Office in, exactly, the.

PRES See We

two- |

Lower |

individual fractional “interests

will collectively own” 100% of

The Bellevue." .« “

A purchaser's. interest ‘has
two components. ; :

‘As .well. as the registered
land ‘interest that can‘be sold,
leased. or ‘mortgaged, ‘all

owners sign an extraordinarily ,
owners’ =:

comprehensive’ |
agreement, which’ governs
their ownership and use of the
property. “Your protection as
owners with each other is

actually more pronounced,

than with strata agreements,”
says Myara.

The owners’ payments of
taxes are accumulated in a

fund controlled by their own

manager who is obligated to
pay the taxes on behalf of all

the owners when they become '

due. ;

The manager has an
enforceable charge on the
owners’ fractional interest : to
ensure payment.

Fines or other pennities may

‘also be imposed on defaulting

owners.

“The mechanisms... of
recovery against a defaulting
owner kere are quicker than in
a strata building,” says Myara,
emphasizing that ‘no
: individual ‘owner is liable for:

-knowing;:.: or

' had

“E you don’t . want’ to take
advantage of the deal that ‘The
Bellevue offers that’s ‘fine: But

‘ you shouldn't be prejudiced. by

comments’ ‘made. by." pe
going off. at half-cock’ withoiit
“choosing : to”
ignore, all the facts. ~..
-“Since’ the © _miunicipality
became, ° aware... of ithe!
conversion we have had: ‘the,; ;
building’ inspector, ‘we’ have:

‘had the fire marshal, we hav

had . the . Workers’

‘Compensation Board, we have::
the health inspecter,

Industry Canada *: ». for
misleading advertising, . we
have had them ail , come:
through. .

“The Bellevue has. been
put under the microscope by;
the municipality and the courts.
and has come through’ with
flying colors. .

“What we. offered cn day-"
one has been reaffirmed as a
viable form of real estate.
ownership,” concludes:
Buydens. :

The sales office at The Bellevue

will be closed for the holiday season

from Dec.'12 and ‘will re-open ‘in:
early January. .:'- However, |
appointments to view can be made |

banhaningR

AVA AS TSA