As can be seen from my prior post, Sage is putting things in motion to resolve the utilities issue it found itself confronted with when it was formed. In additional to the material posted on the Monitor’s website, Sage has also posted a more lay-friendly explanation to their shareholders on their web site.
To summarize Sage’s notice:
- During a title review of the property Sage found out that it shared ownership of the utilities with the other condo corporations. This means both shared access to the utilities and sharing in the cost of its operation. Sage owns 2/3rds, and the condo corporations own the other 1/3rd.
- The Village currently plays no role in either the operation or covering the costs of running the utilities.
- Sage contacted the Village in 2017 to get this sorted out. They’ve responded that they’d negotiate, but haven’t done so yet.
- Sage operates the utilities for itself and the Village condo corporation.
- In order for Sage to fulfill its mandate to liquidate the assets after subdivision, the utility question needs to be resolved.
- On Mar 29, 2018 Sage applied to have the complex easements currently in place replaced with new ones that reflect the current situation.
Sage has a page for their court filings here.
There’s also some good news that I’ll quote in full:
We are pleased to report that Management, along with its urban planner, the IBI Group, are satisfied with the final subdivision plans and submitted the finalized application for subdivision to Rocky View County on March 29, 2018 for consideration and approval. Sage will be working with the County to determine any additional requirements for the subdivision and will act to move the subdivision forward as quickly as possible.
Sage is one step closer to getting funds back to the depositors – Praise the Lord!