MLSE doesn't pay their property taxes on time.

[TorMapleJays]

five words.

5% high interest savings account.

 

[JT AM da real deal]

When's the property tax sale?

How much would Exhibition Place sell that land for? 192 acres .. $2-3B roughly

How much would Exhibition Place sell that land for? 192 acres .. $2-3B roughly

maybe city should direct the 3rd party company to sell it off .. who knows maybe Larry is bidding for it now

 

[Smif]

Cashflow is tight around July 1st.

 

[ULF_55]

My money is on the lawyers for MLSE being right over the City.

Where's the wink wink nudge nudge.

 

[Trapper]

 

[Cap'n Flavour]

That doesn't seem like a lot in the grand scheme of things...

You're right. Better let me hold onto it until the dispute is settled, just to be safe.

 

[JT AM da real deal]

It’s not .. MLSE leases a few properties on the Ex grounds (like Ricoh Coliseum), which is City owned .. while portions of the ground are exempt because of that, MLSE would have some type of portion in their lease agreement that they would pay their portion of property taxes on what they lease.

It is not exactly that way .. MLSE does lease Raptors practice facility and Marlies rink directly which they pay property taxes on .. wrt BMO field MLSE pays a 3rd party management company called Exhibition Place (owned mostly by city) an annual fee for use .. Exhibition Place pays da property taxes .. on original deal struck by MLSE in early 2000s da fee paid to Exhibition Place included more than just property tax .. da dispute happened after da renovation upgrades to BMO in mid 2010s after MPAC decided to revalue BMO property .. Exhibition Place got hit with da additional taxes and is negotiating to pass them through to MLSE + their management fee .. like I mentioned earlier MLSE likely is disagreeing with da post reno valuation which is driving da additional property tax .. those guys at MPAC have some very weird formulas they use for computing value driven by renovation costs (ie they are not MARKET driven) .. so what occurs is you spend $$$ to make a building better but it does not drive any additional (or little) market value BUT your property gets a massive increase in their value which drives da property tax higher .. like I said I went through it spending like $400,000 on washrooms and lighting in an industrial building and the market value of that building did not increase 1 nickel but because MPAC bumped up da value by $500,000 da property taxes went UP by that amount times da mill rate .. after 4 years and $50,000 in legal costs judge agreed and raised value by $50,000 not da $500,000 increase by MPAC .. on scale of BMO field I am sure those numbers are in da hundred million + range so taxes could be many hundreds of thousands up per year .. i too would bet on MLSE lawyers .. there is so much precedent of MPAC doing this to corporations it is RIDICULOUS .. it is robbery of da highest order on corporations who are only trying to improve buildings .. it also occurs on a smaller level on houses FYI and it is why many do not get building permits because those permits are what drive MPAC reviews .. da whole MESS of MPAC needs to be assesssed

 

[A1LeafNation]

Sounds like the city trying to pull a fast one.

 

[Mickey Marner]

When's the property tax sale?

June 29th, you just missed it!

Sale of Land by Public Tender

 

[fahad203]

Did they forget to attest the vacant home letter?