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 |: