Staff
Having been closed since October, 2005, the former Rainy Lake Hotel is up for tax sale by the Town of Fort Frances.
Tax administrator Tara Redford noted yesterday the tax sale is permissible under the Municipal Act, 2001.
“After a property is three years in arrears for taxes, this is a means which we can invoke to be able to collect on those outstanding arrears,” she explained.
“Residential, commercial, it doesn’t matter what type of property, it is in our power that after three years in arrears we can start the tax sale process.”
Redford added the tax sale process is lengthy, and the town started it all well over a year ago.
Once certain documents were registered in court, the town had to wait 365 days to begin the tendering process, she said.
The minimum tender amount is $163,474.85.
Tenders must be submitted to the town by 3 p.m. on Tuesday, Feb. 15, after which they will be opened in public in the committee of the whole meeting room at the Civic Centre.
Tenders must be submitted in the prescribed form, and be accompanied by a deposit payable to the municipality and representing at least 20 percent of the tender amount.
The sale is governed by the Municipal Act and Municipal Sales Tax Rules under the act.
The successful purchaser will be required to pay the amount tendered, plus accumulated taxes and the relevant land transfer tax.
The town has no obligation to provide vacant possession to the successful purchaser.
For more information regarding the sale, visit ww.ontariotaxsales.ca or contact Redford at 274-5323 ext. 241.
