Posted Nov 21, 2024, 9:56 PM
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Registered User
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Join Date: Jul 2001
Location: Vancouver
Posts: 41,491
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Quote:
Originally Posted by kja384
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That's too bad. Juicy bit in the story:
Quote:
"Lanyard is the lead lender on the Loan and carried out an underwriting process in relation to the Loan," they said in an August filing. "One of the critical criteria for Lanyard to approve and advance the loan was the fact that [the properties] are zoned as 'Light Industrial.' This is a preferred zoning classification that Lanyard considered very advantageous given the market demand for this land use type at the time of underwriting and the relative ease in serving such use type for development. Furthermore, Lanyard has a prohibition against advancing loans secured by 'hospitality' type property, including property zoned for hotels and casinos."
Despite this, the applying lenders say Jingon International, "at some point unknown to the Applicants" and without their consent, submitted a rezoning application to the City to rezone the lands to a different zoning district, which they say was then granted second and third readings on May 21.
The lenders say they did not know about the application until May 16 and asked the court for an injunction until November 30 that restricts the developer from progressing towards final adoption. It's unclear how the conflict will be resolved, but any sale of the properties will require approval by the Supreme Court.
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https://storeys.com/richmond-duck-island-jingon-foreclosure/
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