Project Summary

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					                                                              Project Summary




The following document is intended to provide an executive summary for the proposed development.
         Purchasers are encouraged to read the July 2007 disclosure statement for this development.
 A copy of the disclosure statement can be obtained from the developer and/or its authorized agent.
TABLE OF CONTENTS

1.0     The Development ................................................................................................3
 1.1       Development Name and Location.........................................................................................3
 1.2       Civic Address......................................................................................................................3
 1.3       Legal Description ................................................................................................................3
 1.4       The Owner.........................................................................................................................3
 1.5       The Developer....................................................................................................................3
 1.6       Availability .........................................................................................................................3
 1.7       Approvals ..........................................................................................................................3

2.0     GENERAL DESCRIPTION OF THE DEVELOPMENT ...............................................4
 2.1       Nature of Development .......................................................................................................4
 2.2       Permitted Uses ...................................................................................................................5
 2.3       Hazards to the Land............................................................................................................6

3.0     Legal and Financial Matters ................................................................................6
 3.1       Proposed Construction Mortgage..........................................................................................6
 3.2       Outstanding or Contingent Litigation or Liabilities ..................................................................6

4.0     GENERAL INFORMATION ....................................................................................6
 4.1       Unit Entitlement .................................................................................................................6
 4.2       Interest on Destruction .......................................................................................................6
 4.3       Voting Rights .....................................................................................................................7
 4.4       Bylaws...............................................................................................................................7
 4.5       Common Property and Facilities ..........................................................................................7
 4.6       Limited Common Property ...................................................................................................7
 4.7       Strata Management Contracts..............................................................................................7
 4.8       Furniture, Fixtures and Equipment .......................................................................................8
 4.9       Rental Disclosure Statement ................................................................................................8
 4.10      Insurance Coverage............................................................................................................8
 4.11      Warranties .........................................................................................................................9
 4.12      Parking..............................................................................................................................9
 4.13      Storage Lockers..................................................................................................................9
 4.14      Operating Expenses .......................................................................................................... 10
 4.15      Services........................................................................................................................... 10
 4.16      Deposit Monies.................................................................................................................10

5.0     Unit Listing........................................................................................................11
 5.1       Sample Layouts ................................................................................................................ 12
                                                                                       Project Summary
                                                                            http://www.irvineslandingresort.com




1.0   THE DEVELOPMENT

      1.1      Development Name and Location
               IRVINES LANDING RESORT, Pender Harbour, British Columbia

      1.2      Civic Address
               4150 Irvines Landing Road, Pender Harbour, British Columbia

      1.3      Legal Description
               PID: 017-836-867
               Lot D District Lot 1543 Plan LMP 5250, (the “Lands”)

      1.4      The Owner
               The Owner of the Lands is 0729247 BC Ltd.
               The Director of the Owner is Peter Kwong

      1.5       The Developer
               The Developer is Planex Development Corp.
               #350-3495 Cambie Street, Vancouver, BC V5Z 4R3


               The Directors of the Developer are:
               Egil Lyngen; Rossano Ben Faugno; Peter Kwong and Tom Joa.

      1.6      Availability
               Construction of Phase 1 of the Development is expected to begin on or about Fall/Winter
               2007 with an expected completion date of Fall/Winter 2008. Construction of Phase 2 of
               the Development is expected to begin on or about Fall 2008 with an expected completion
               date of Fall 2009.

      1.7       Approvals
               A development permit was not required by the Sunshine Coast Regional District. The
               date for the issuance of a building permit is anticipated for the Fall 2007. The Developer
               will file an amendment to the Disclosure Statement setting out particulars of the issued
               building permit for the Development with the Superintendent of Real Estate once the
               building permit has been issued and will deliver a copy of such amendment to each
               purchaser. The Development will comply with all building restrictions, zoning regulations
               and other restrictions governing the use and development of the Development and any
               Strata Lot therein.




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2.0   GENERAL DESCRIPTION OF THE DEVELOPMENT

      2.1      Nature of Development
               The Development will consist of 59 strata lots (the “Strata Lots"), developed over two
               phases (“Phase 1“ and Phase 2”, respectively), for a total of 236 Quarter Interests
               intended for resort use (“Resort Lots”). Each Resort Lot will be equipped with a
               furnishings, fixtures and equipment package and will have the use of one parking space
               within a parking facility. The common areas of the Development will include landscaped
               areas, walkways, driveways and roadways in addition to such amenities as outdoor
               children’s play area, BBQ facilities, recreational facilities, restaurant, grocery store,
               laundry facilities and marina. The Development will enjoy the use of geothermal heating
               and recycled rain water for irrigation and non-human consumption usage.
               The Disclosure Statement relates to Phase 1 offering only of one-quarter ownership fee
               simple interests (“Quarter Interest”) in Strata Lots 10-19; 29-38 and 48-57 which will be
               located in Buildings - D, E & F respectively (“Strata Lots”) for a total of 128 quarter
               interests (“Quarter Interests”) being offered (“Resort Lots”). The Strata Lots will consist
               of 10 – 594 sq ft units, 10 648 sq ft. units and 10 - 702 sq ft units, each with a capacity
               to accommodate up to 6 persons.
               The Quarter Interests constitute time-share interests and together comprise a time-share
               ownership plan for the purpose of the Real Estate Marketing Act (British Columbia). The
               Developer reserves the right to alter the phasing by adding to or reducing the number of
               Resort Lots in each phase.
               Once the sales with respect to a given Strata Lot are completed, there may be as many
               as 4 separate owners, each having an undivided one-quarter interest, as tenants in
               common. Each Quarter Interest Owner will own an interest in a Strata Lot and as a
               tenant in common with the other Owners in the Strata Corporation, a proportionate
               share of the Common Property including common facilities and other assets of the Strata
               Corporation.
               Once the strata plan has been deposited in the Land Title Office, a strata corporation will
               be formed, known as the Owners, Strata Plan VIS # __ and will be responsible for the
               control, management and administration of the common property of the development
               (including repair and maintenance of certain facilities, the building’s structure, systems
               and exterior and the outdoor landscaping).
               Each Strata Lot will be subject to the zoning bylaws for Pender Harbour which restrict
               use of the Strata Lots to a resort use consisting of temporary accommodation; temporary
               accommodation as defined by the Disclosure Statement to include occupation by the
               same person provided such person does not occupy any Resort Lot for more than 12
               weeks in a calendar year and not more than 4 weeks during Peak Season and 8 weeks
               during Off-Season. If at any time the allocated weeks of use exceed the allotment of
               days permitted to the same individual pursuant to the zoning bylaws, in each of these
               instances the restrictions in the zoning bylaws will be overriding. It will be the
               responsibility of each person to comply with the zoning bylaws.
               Each owner of an interest in a Resort Lot will be a member of an Owner Association.
               The Owner Association will be responsible for administering the use of the Resort Lots by
               the owners, the maintenance and repair of the Resort Lots, the collection of assessments
               and payment of certain expenses relating to the Resort Lots on behalf of the owners and
               the rental, at the option of the owners, of the Resorts Lots on behalf of the owners.




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         The Owner Association will enter in a management agreement with the Developer to
         carry out substantially all of the obligations of the Owners Association under the
         Subleases. The Manager’s compensation will be calculated as a percentage of the
         adjusted gross revenue from each of the Resort Lots. Ownership of the lobby,
         conference areas and related management facilities will initially be retained by the
         Developer. When a professional management company is retained then the Developer
         will concurrently lease related management facilities to such manager for a term equal to
         the term of the management agreement.
         Each Strata Lot will be subject to a ninety-nine year lease to the Owner Association. A
         purchaser of an interest in a Resort Lot will acquire a ninety-nine year Sublease of the
         strata lot from the Owners’ Association. The Sublease will entitle the owner to use the
         Resort Lot for 2 consecutive two week periods during Peak Season and 8-one week
         periods during Off-Season within the calendar year, except for those periods during the
         year reserved for maintenance of the Resort Lot and in accordance with a Use Calendar
         which may be subject to zoning bylaws. Owners will be entitled to use the recreational
         facilities on the common property at the Resort free of charge. Recreational facilities
         located on limited common property or on commercial strata lots at the Resort may be
         subject to user fees. When an owner sells his or her interest in a Resort Lot, the
         purchaser will be required to assume the sublease in order to enjoy the benefits of the
         Use Calendar.
         The operating costs of the Owner Association, such as Strata Lot cleaning, manager and
         other staff, management fees, replacement reserves, insurance as well as expenses
         relating to the Strata Lots such as utilities, property taxes, amenities charges, telephone
         line charges, strata corporation assessments will be allocated to the Strata Lots according
         to the unit entitlement of a particular Strata Lot. Each owner of a Resort Lot will be
         required to pay to the Owner Association on a monthly basis, one-quarter of the Strata
         Lot’s proportionate share of the operating costs of the Owner Association as well as one-
         quarter of certain costs relating to the Strata Lot. If an owner fails to pay his or her
         share of such costs, the Owner Association will have the right to suspend that owner’s
         right to use the Resort Lot, to rent the Resort Lot and apply the revenue received to the
         owner’s share of costs, or to cancel the Sublease.
         Title to each Resort Lot will be charged by a restrictive covenant that provides that if the
         owner intends to rent the Resort Lot, the owner must use the professional management
         company hired by the Owner Association. Owners may only rent out Resort Lots during
         their designated weeks. Although there is no requirement to rent and rentals are purely
         optional, any rental must be made, pursuant to the provisions of the Sublease, through
         the rental pool program offered by the association manager. Owners participating in the
         rental arrangement will advise the management company at least 3 months before the
         start of the winter or summer season, as the case may be, if they do not wish to have
         personal use of a Resort Lot. The rental arrangement does not involve revenue or
         expense pooling among the owners of the Resort Lots.

2.2      Permitted Uses
         The Sunshine Coast Regional District’s R-23 Residential and C-3, General Commercial
         Zoning Policy will govern the Development. The policy provides for a wide variety of
         permitted uses including retail commercial, offices, tourist accommodation and residential
         and designated Commercial in the OCP.




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               The northernmost portion of the Development is currently zoned R-2 residential; the
               remaining property is zoned C-3 General Commercial. The layout of the Development
               Site and Strata Lots are shown under Section 5.0 Unit Listing.

      2.3      Hazards to the Land
               The Owner and Developer are unaware of any dangers in respect of the Lands based on
               a physical examination of the Lands and subsequent soil report completed on November
               21, 2005 by Gandalf Consulting Ltd. There are no further requirements imposed by the
               Municipality or other governmental authorities relating to flooding or condition of soil or
               subsoil.

3.0   LEGAL AND FINANCIAL MATTERS

      3.1      Proposed Construction Mortgage
               The Owner intends to apply for construction financing upon successfully negotiating pre-
               sales in an amount equivalent to the requisite financing. The estimated date for
               obtaining a satisfactory financing commitment is nine (9) months or less from the date
               the Disclosure Statement is filed with the Superintendent of Real Estate. An amendment
               to this disclosure statement will be filed with the Superintendent of Real Estate upon
               approval of non-conditional first mortgage financing setting out particulars of the
               financing commitment. A copy thereof will be delivered to each purchaser once a
               financing commitment is issued.
               All financial encumbrances will be discharged at the time of conveyance of the title to the
               purchaser. The construction mortgage will provide for partial discharge of titles upon
               payment of the net sales price.

      3.2       Outstanding or Contingent Litigation or Liabilities
               The Owner and Developer are unaware of any outstanding or contingent litigation or
               liabilities except for those that may be disclosed herein.

4.0   GENERAL INFORMATION

      4.1      Unit Entitlement
               The Unit Entitlement of each Strata Lot is a figure indicating its share in the common
               property and assets of the Resort and is used to determine each Strata Lot contribution
               to common expenses. The Unit Entitlement is based upon the habitable area of the
               Strata Lot, excluding any non-liveable areas such as balconies, decks, roof decks, or
               parking. The calculation of Unit Entitlement is based on architectural drawings and will
               vary somewhat when calculated on the basis of the Strata Plans.

      4.2      Interest on Destruction
               The interest upon destruction (the “Interest Upon Destruction") of each Strata Lot is the
               figure indicating its share upon destruction or other termination. Interest Upon
               Destruction is based on the estimated market value of the Strata Lots.




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4.3      Voting Rights
         There will be one Strata Corporation in respect of the Strata Lots formed when the Strata
         Plan for The Development is filed in the Land Title Office (the ”Strata Corporation”). As
         required under the Strata Property Act each Strata Lot will have one vote in the Strata
         Corporation. The Owner Sublease provides that the Owner who is entitled to use a
         Strata Lot for their allotted period including January 2 in a given calendar year shall be
         entitled to exercise the Strata Corporation vote allocated to that Strata Lot at any
         meeting of the Strata Corporation held during that year.        In cases where there are
         multiple owners of a lot (i.e. 4 different quarter share owners) – there is still one “vote”
         per lot.

4.4      Bylaws
         The bylaws of Strata Corporation will be the bylaws contained within the Strata Property
         Act, together with those amendments set out in the Disclosure Statement. The Bylaws
         designate each of the Strata Lots for the purpose of allocating certain Operating Costs.
         The Bylaws, in effect, provide that the expenses shown on the Strata Budget and
         subsequent budgets will be allocated to Quarter Interest Owners based on the Unit
         Entitlement of the Strata Lot. The Bylaws also set out the procedures for governance of
         the Strata Corporation and the conduct of its business. The Bylaws will be registered in
         the Land Title Office.

4.5      Common Property and Facilities
         Common property consists of land shown on the Strata Plan that does not comprise part
         of a Strata Lot and, without restricting the generality of the foregoing, includes the
         following: walkways, hallways, gardens, landscaped areas, exterior of the building
         including roof, driveway access, parking, parts of the atrium and lobby, mechanical,
         electrical rooms and other utility rooms, a garbage receptacle and a garbage room,
         equipment, laundry and public washrooms. Common facilities will include a playground
         and BBQ area.

4.6      Limited Common Property
         Limited Common Property (the ”Limited Common Property”) is an area within the
         Common Property that is designated for the exclusive use of the Quarter Interest Owners
         of one or more Strata Lots. Quarter Interest Owners will be responsible for maintaining
         and repairing Limited Common Property which they use except the following which Strata
         Corporation must maintain and repair:
         (a)   Repair and maintenance that in the ordinary course of events occurs less than
               once a year;
         (b)   The structure and exterior of the building;
         (c)   Chimneys, stairs, balconies and other things attached to the exterior of a building;
         (d)   Doors, windows or skylights on the exterior of a building or that front on the
               Common Property; and,
         (e)   Fences, railings and similar structures that enclose patios, balconies and yards.

4.7      Strata Management Contracts
         The Developer intends to cause the Strata Corporation to enter into a management
         agreement with an independent strata manager (The “Strata Manager”) with respect to
         the control, management and administration of the Common Property.



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          The Strata Manager is responsible for maintaining and operating the Common Property
          as directed by the Strata Corporation and also providing management and administrative
          services to the Strata Corporation. The Strata manager will likely cause the Strata
          Corporation to enter into contracts with third parties for the provision of services such as
          landscaping, garbage removal and similar services required in connection with the
          maintenance of the Common Property.

4.8       Furniture, Fixtures and Equipment
      •   Assorted kitchen supplies including               •   Living Room Furniture
          cookware, dinnerware, small and                   •   Patio Accessories
          major appliances
                                                            •   Radio
      •   Assorted Linens
                                                            •   Television and DVD/CD Player/ or
      •   Assorted Lamps                                        VCR
      •   Bedroom furniture                                 •   Telephone
      •   Computer Terminal
      •   Dining Room Furniture
      •   Flooring

4.9       Rental Disclosure Statement
          The Developer must disclose to any purchaser the intention to lease one or more
          residential Strata Lots in order to ensure that they may be leased by the Developer in the
          future. A copy of a Rental Disclosure Statement will be filed with the Superintendent of
          Real Estate.

4.10      Insurance Coverage
          (a)   The Developer has placed the following insurance coverage in respect of the
                Development:
                A Contractor’s all risk, course of construction insurance of NINE MILLION
                ($9,000,000) DOLLARS and comprehensive general liability insurance of FIVE
                MILLION ($5,000,000) DOLLARS.


          (b)   Upon completion of construction, the Developer intends to cause the Strata
                Corporation to place the following insurance on the Development:
                All risk including flood and earthquake, comprehensive general liability, extended
                coverage and replacement at a value of TWENTY MILLION ($20,000,000)
                DOLLARS and a TEN MILLION ($10,000,000) DOLLARS comprehensive general
                liability insurance.
                Recovery under some or all of these policies may be subjected to the normal
                deductibles associated with these types of insurance.


          (c)   All units are fully furnished with any changes being managed by the Developer.
                Each Quarter Interest Owner will be responsible for their respective insurance costs
                for the individual strata lot.




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4.11   Warranties
       The Developer is required to provide home warranty insurance coverage for the Strata
       Lots, which will provide the following coverage to purchasers pursuant to the
       requirements of the Homeowner Protection Act (British Columbia):
       (a)   Defects in workmanship and materials for a period of two years after the date on
             which the warranty begins;
       (b)   Water penetration coverage for a period of five years after the date on which the
             warranty begins; and,
       (c)   Structural defects for a period of ten years after the date on which the warranty
             begins.
       Any applicable manufacturer’s warranty on appliances and furnishings included in the
       purchase price of a Quarter Use Plan Suite will be passed on to the Owner Association if
       permitted by such warranty. Any warranties provided on common facilities equipment
       such as elevators, HVAC systems, emergency generators and pumps will be turned over
       to the strata corporation as provided in the Strata Property Act.

4.12   Parking
       Parking for the Development (“Parking Stalls”) will be constructed at the same time as
       the Phase 1 Strata Lots. The Parking Stalls will be administered by the Strata
       Corporation in accordance with Strata Bylaws. Pursuant to an Owner Sublease, each
       Owner is permitted to have the use of one Parking Stall when occupying their Resort Lot.
       Parking Stalls will NOT be specifically allocated to a specific Strata Lot and will be
       occupied on a first come first served basis. A few of the Parking Stalls may be
       designated Limited Common Property to the Management Lot.
       The balance of stalls will be for use of the Strata Lots as common property. The costs
       for the maintenance and repair of the Parking Stalls and surrounding driveways will be
       shared by the Quarter Interest Owners on a proportionate basis and will be included in
       their monthly assessments.

4.13   Storage Lockers
       The Developer intends to cause the Strata Corporation to enter into an Agreement giving
       the Developer the exclusive use of all storage lockers located underneath each strata lot.
       There will be one storage locker per Strata Lot.
       The Developer reserves the exclusive right to allocate the storage lockers to certain of
       the Strata Lots. Allocation of the storage lockers by the Developer shall be by way of a
       partial assignment of the Developer’s rights under the Storage Locker Agreement. The
       Developer may charge a one-time fee to be determined by the Developer for the partial
       assignment of the Developer’s rights under this Storage Locker Agreement.
       The Strata Corporation remains responsible for the maintenance of the storage lockers
       and the cost for such maintenance has been included in the projected operating budget
       of the Strata Corporation as set forth in the disclosure statement.




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4.14   Operating Expenses
       A Quarter Interest Owner will be required to pay one quarter of the Operating Costs
       attributable to the Strata Lot which include:
       (a)    Strata Assessments;
       (b)    Association Assessments, including, without limitation, electricity for the Strata Lot,
              operating reserves, a capital replacement fund for periodic replacement of in-suite
              furnishings, fixtures and equipment, an in-suite repair and maintenance allowance,
              and an owner coordination fee;
       (c)    Cable or satellite television and basic telephone service;
       (d)    Property taxes and municipal utility rates; and,
       (e)    Other reasonable outlays.

       The Operating Costs will vary as actual costs of operations vary.

4.15   Services
       (a)    Utilities – Utility services for water, electricity, sewer, telephone, and cable will be
              provided by the appropriate authorities located within the Sunshine Coast District.
       (b)    Geothermal Energy - The Developer intends to install a Geothermal heating facility
              within the Development. The Strata Corporation will enter into a long-term service
              agreement with a designated Geo-Tech Company, whereby the Strata Lot Owners
              will be provided with for a fee, Geothermal heat along with service and
              maintenance of the Geothermal facility.
       (c)    Sidewalks – There will be sidewalks constructed within the Development.
       (d)    Street Lighting – Street lighting is provided along Irvines Landing Road.
       (e)    Fire Protection – Fire protection for the Development is provided by the Pender
              Harbour Volunteer Fire Department.
       (f)    Police Protection – Police protection for the Development is provided by the RCMP.
       (g)    School Facilities – School facilities are available within 5 miles of the Development.
       (h)    Garbage Collection – A garbage collection system will be provided to the
              Development and will be the financial responsibility of the Strata Corporation.
       (i)    Public Transport – Public transportation is provided to the Petrocan Station which is
              approximately 5 miles from the Development.
       (j)    Access – Access to the Development is available by roadway, floatplane or boat.
       (k)    Other Services – The Developer may in the future provide access to other
              telephone and cell-phone services offered by Telus.

4.16   Deposit Monies
       All deposits and other money received from purchasers shall be held by GreenWay Legal
       Centre in trust, by certified cheque, bank draft or money order and shall be in the
       manner required by the Real Estate Development Marketing Act.




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5.0       UNIT LISTING

 Blocks         Unit Information      View        Unit Information      View          Unit Information        View
               Floor 1     Sq. Ft.   Direction   Floor 2     Sq. Ft.   Direction     Floor 3     Sq. Ft.     Direction


   A            101          702      South       201          648      South         301          594        South
   A            102          702      South       202          648      South         302          594        South
   A            103          702      South       203          648      South         303          594        South


   B            104          702      South       204          648      South         304          594        South
   B            105          702      South       205          648      South         305          594        South
   B            106          702      South       206          648      South         306          594        South


   C            107          702      South       207          648      South         307          594        South
   C            108          702      South       208          648      South         308          594        South
   C            109          702      South       209          648      South         309          594        South


   D            110          702        No        210          648        No          310          594        West
   D            111          702        No        211          648        No          311          594        West


   E            112          702      South       212          648      South         312          594        South
   E            113          702      South       213          648      South         313          594        South
   E            114          702      South       214          648      South         314          594        South
   E            115          702      South       215          648      South         315          594        South


   F            116          702      South       216          648      South         316          594        South
   F            117          702      South       217          648      South         317          594        South
   F            118          702      South       218          648      South         318          594        South
   F            119          702      South       219          648      South         319          594        South




          o   Page 11                                                                                      July 2007
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5.1      Sample Layouts




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